Rise in second-tier provision

statistics office claims 26 million people now contract out under the state second pension

The number of people in the UK with second-tier pension provision has risen to 26 million in the 25 years since contracting out was first allowed. In 1978/79, some 18 million people had a form of second-tier cover, according to the National Statistics office. By 2002/03, the number of those contracting out and accruing cover under the State Second Pension had increased to almost 26 million, although the statistics office points out the type of provision has changed considerably over that time frame. Twenty-five years ago, nearly 45% of people gained cover via the State Earnings Related Pe...