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27/02/2013
Over A Third Of UK Employees Opting Out Of Pension Scheme
The governments plan to boost workers retirement savings could be undone as research carried out for Aviva reveals more than a third of UK workers would opt out of any pension they are automatically enrolled into.
The government launched auto-enrolment in October 2012, with the UK’s largest firms obliged to put employees into a workplace scheme if there was not already one on offer.
A phased rollout will result in millions of workers being enrolled into schemes by early 2018.
However, employees have the right to opt out of the scheme, losing out on contributions from their employer and the government.
Of those workers questioned by the insurer, 37% said they would opt out, a figure unchanged since May 2012.
More than 4,000 private sector employees, and over 700 employers completed the insurers Working Lives report.
Just over half, 53%, said they had access to a workplace pension but only 38% said they were contributing to one.
Affordability was the main stumbling block, as almost half of those who were not taking up the pension they were offered said it was because they did not have the cash.
(H)
The government launched auto-enrolment in October 2012, with the UK’s largest firms obliged to put employees into a workplace scheme if there was not already one on offer.
A phased rollout will result in millions of workers being enrolled into schemes by early 2018.
However, employees have the right to opt out of the scheme, losing out on contributions from their employer and the government.
Of those workers questioned by the insurer, 37% said they would opt out, a figure unchanged since May 2012.
More than 4,000 private sector employees, and over 700 employers completed the insurers Working Lives report.
Just over half, 53%, said they had access to a workplace pension but only 38% said they were contributing to one.
Affordability was the main stumbling block, as almost half of those who were not taking up the pension they were offered said it was because they did not have the cash.
(H)
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