The introduction of workplace pension auto-enrolment has resulted in almost two million more UK workers saving for retirement since 2016, new data shows.
Published today by the Office for National Statistics, the figures show there are now 15.1 million occupational pension scheme members, up from 13.5 million two years ago.
Active membership of private sector defined contribution schemes has increased from 6.4 million to 7.7 million, while the number of preserved pension pots has ballooned by 400,000.
"The growth in pension savers shows auto-enrolment has been spectacular at changing the financial future of the nation," Hargreaves Lansdown senior analyst, Nathan Long, said.
"Attention should now shift to helping everyone gain the confidence to take control of their own retirement if they want to."
Despite the uptick in pension saving, the data shows that average contributions to private sector schemes remain relatively low at 3.4% per member, down from 9.7% back in 2012.
These contributions are typically split between 1.2% coming from the member, and 2.1% from the employer, although contributions are set to increase in April next year.
This comes after Hargreaves Lansdown revealed that the UK government expects one million people to opt-out of workplace pension in 2019 following contribution hikes.
Once self-employed and non-eligible workers are included in the figures, a total of 13 million people are expected to be outside of pension saving by that time.
This will equate to 27.5% of members opting out of auto-enrolment by 2019, rising from 21.7% in 2018, and an estimated 10% today.
"Dropping out of saving for even short periods can seriously harm your retirement," Long continued.
"Someone with average earnings, who only opts-out between the ages 22 to 25, could reduce their pension pot by £20,000 when they reach retirement.
"Given the increase in minimum contributions, further thought should be given to how to minimise opt-outs. The government could also look at focusing on better member communication."
