Common
Pensions in the United Kingdom
Pensions in the United Kingdom are organised around three pillars: a contributory State Pension that provides a baseline income, private pensions delivered through the workplace or on a personal basis, and public service pension schemes established in law. Oversight is split between The Pensions Regulator for trust-based occupational schemes and the Financial Conduct Authority for contract-based pensions and retail conduct, with a published joint regulatory strategy for the sector. Most employees now enter saving through automatic enrolment, and saving mainly builds up in defined contribution arrangements. In 2024 about 89% of eligible employees in Great Britain were saving into a workplace pension, an estimated 21.7 million people. Patterns of access to defined contribution savings have continued to evolve since the 2015 pension freedoms, with both drawdown and annuity products used. The State Pension is financed from National Insurance and depends on an individual’s contribution record...
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