Overall, the estimates of aggregate pension wealth in this release are 21% lower for the July 2010 to June 2012 period compared to the July 2012 to June 2014 period. Compared to the previous release of the July 2010 to June 2012 data, the changes and improvements through imputation have resulted in some changes to estimates of pension wealth in different areas but predominantly unchanged estimates of membership levels. Data from the period July 2012 to June 2014 has been used to improve the imputation process in the previous period (July 2010 to June 2012). The July 2012 to June 2014 period methodology is generally consistent with that used in the July 2010 to June 2012 period.
WE WERE HERE TOGETHER CHAPTER 6 PLUS
As state pension wealth is more evenly distributed, the distribution of total pension wealth (state plus private) will be less skewed. The latter part of the chapter will show that wealth from private pensions is not very evenly distributed, as many individuals and households have zero or very low private pension wealth. The figures in this chapter relate to private pension wealth only, which means state pension wealth is excluded from the analysis. The statistics for all data collection periods predates the pension flexibilities reform that was introduced in April 2015. The July 2012 to June 2014 data collection period was predominantly following October 2012 so this period should reflect some changes in pension membership and wealth due to automatic enrolment. The first 3 data collection periods of the survey took place before automatic enrolment was introduced in October 2012.
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The earliest age at which it was possible to receive an income from a registered private pension increased to 55 from April 2010 as a result of the Finance Act 2004. Unlike the other forms of wealth presented in this report, pension wealth is not immediately accessible for most individuals. It presents new data from the survey for the period July 2012 to June 2014 alongside revised estimates from the July 2010 to June 2012 period. This chapter looks at estimates of private (non-state) pension wealth in Great Britain from the Wealth and Assets Survey (WAS).
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This was almost six times the total private pension wealth of the 50% of households that had the lowest (8%) In July 2012 to June 2014, of those who had any private pension wealth, the 10% of households with the highest total pension wealth had almost half of the all pension wealth in Great Britain (47%). This was mainly explained by an increase in pensions in payment pension wealth driven by changes in annuity rates used to value such wealth
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In July 2012 to June 2014, around a quarter (24%) of all households in Great Britain had no private pension wealth, the same proportion as in July 2010 to June 2012Īggregate private pension wealth in Great Britain increased from £3.5 trillion in the period July 2010 to June 2012 to £4.5 trillion in the period July 2012 to June 2014 (figures not adjusted for inflation).
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The median level of wealth held by men (£162,400) in pensions in payment was more than double that of women (£73,900) A higher proportion of men (22%) than women (17%) received such income. The median wealth held in pensions that were already being paid (pensions in payment) was £116,300. In July 2012 to June 2014, 19% of individuals aged 16 and over received income from a private pension. In July 2012 to June 2014, median wealth held in private pensions from which individuals had not yet drawn an income (that is, current and retained pensions) was much higher in defined benefit (DB) pensions (£63,400) than in defined contribution (DC) pensions (£15,000) In July 2012 to June 2014, a much higher proportion of employees in the public sector (84% with median wealth of £61,600) belonged to a current occupational pension scheme than their counterparts in the private sector (42% with median wealth of £24,000) The percentage varied by sex, with 37% of men making contributions compared with 32% of women In July 2012 to June 2014, 35% of adults aged 16 and over contributed to a private pension.