Savings rates into new-style workplace pension schemes dropped during 2017, confirming a five-year downward trend that raises questions for politicians charged with making provision for UK savers’ old age — and for fund managers investing the cash.

The average savings rate into defined contribution pensions — the type of scheme now offered to new joiners by almost all UK companies — dropped to just 3.4% of salary in 2017, from 4.2% the year before. In 2012, it was 9.4%.