Nearly Half Of UK Pension Savers Unaware They Are Saving Into Pension
- EQ research shows that under half (48%) of full-time workers believe they are saving into a pension
- However, official statistics finds 88% of eligible employees are saving into an occupational pension scheme
- Findings demonstrate the success of auto-enrolment in pushing savers into later-life saving but need for further engagement
Analysis from EQ (Equiniti Group plc), one of the largest providers of outsourced pension administration in the UK, suggests that nearly half of the UK’s full-time workers don’t realise that they are contributing to an occupational pension scheme.
Research conducted with over 2,000 adults found that just 48% of the UK’s full-time workers thought they were saving into a pension1, despite ONS statistics proving that nearly nine in 10 eligible employees are making contributions to one2.
This means that millions of Brits who have been auto-enrolled into pension saving are unaware they are regularly paying into a pot through their employer and building up a fund that will support them through their retirement.
Duncan Watson, CEO of EQ’s pension business, said the results demonstrated a need for greater pension saver engagement, to cement the success of auto-enrolment in substantially increasing the number of those saving for later-life.
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