The “Workplace Pensions Consumer Research Report 2020” report has been added to ResearchAndMarkets.com’s offering.

55% of all consumers have a workplace pension

Over half of all consumers have a workplace pension and among consumers with workplace pensions, most (51%) have a defined contribution (DC) pension with just over four-in-ten owning a final/career average pension. 85% of adults with a workplace pension have a pension with their current employer, with 15% having legacy pensions from previous employers.

This report is a consumer research report looking at how individuals are using workplace pensions to save for their retirement. For this report, the author commissioned research from MIS Group’s UK panel. The research was structured so that 2,077 nationally representative consumers aged 18+ were asked about their pension ownership and savings. This generated 1,142 individuals who had a workplace pension and 975 individuals who had a workplace pension with their current employer.

Workplace pension ownership shows clear gender, age, social grade and income variations:

• More mature female workers – more likely to have Occupational DC pensions
• Older affluent males – more likely to have occupational DB pensions
• Younger affluent males – more likely to have GPP pensions.
• Older individuals are more likely to have occupational pensions compared with younger adults.

In some respects, occupational DC pensions are the female alternative to the male-dominated occupational DB pension, while GPP pensions are the young, male alternative to the mature, male-dominated occupational DB pension.

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