One-in-twenty workers are being ‘under-enrolled’ in company pension schemes by receiving less than the minimum legal contributions, or no contributions at all, according to new research.

Almost £10bn was transferred out of defined benefit pensions in the final quarter of 2019, according to official data.

Almost 9 in 10 of eligible employees (88%, 19.2m people) are saving for retirement through their workplace pension.

The Pensions Regulator has so far issued 115,459 auto-enrolment fixed penalty notices since the start of the workplace pension scheme in 2012.