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Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
The total amount of money invested in personal pensions by employees and employers reached £24.3bn in the fiscal year ending 5 April 2016, a new record and up from £20.3bn a year earlier.
Automatic enrolment into pension schemes is certainly a major reason behind the all-time high figure.
This trend is likely to continue as regulations require a minimum 8% contribution (including 5% from employees) from April 2019 onwards.
At the moment employers and staff only have to contribute 1% each – all figures are based on the employee’s salary level.
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