‘Challenge is not over': Britons 'stuck' with pension savings despite coronavirus pandemic

During the 2020/21 tax year, the number of workers deciding to leave their workplace scheme per month, from 0.75 percent in 2019/20 to 0.63 percent. This means that 88 percent of eligible employees were participating in a workplace pension in the UK as of last year. Overall, total annual savings for eligible savers in the UK jumped to £105.9billion in 2020.

While the UK’s wider workplace pension scheme seems to have weathered the worst of the Covid storm, large sections of the economy do not have the same protection.

With the Government’s furlough scheme set to end, as well as other financial packages introduced in the wake of the pandemic, the disparity between the support for certain groups will widen.