Have we finally got the message we won't be able to rely on the state pension in our old age?
Workplace pension saving swelled by more than a fifth over the last year, according to figures released today by the Pensions Regulator (TPR).
Some £5.4bn was squirrelled away during the last 12 months, an increase of 21 per cent year-on-year.
The saving is into defined contribution (DC) pension pots. These do not guarantee a fixed level of income in retirement (unlike defined benefit pensions) but are a tax-efficient way of putting money aside, investing it and hoping it will grow to an amount sufficient to fund retirement.
Pension scheme memberships have increased by 12.6m people, the TPR said, that's a 29 per cent rise over the year and a 400 per cent increase since 2010.
"The success of automatic enrolment has put DC schemes – and particularly master trusts - at the heart of pension saving in the UK, and our figures illustrate this trend," said TPR executive director Anthony Raymond.
"For these new and existing savers we have a role to protect their benefits and so we are working hard to drive up standards of trusteeship."