More than a third (38%) of respondents aged under 40 years old or aged 40 and over who have not yet retired believe that a workplace pension scheme is the safest way to save for retirement in the period July 2016-December 2016, according to research by the Office for National Statistics (ONS).

Its Early indicator estimates from the wealth and assets survey also found that 68% of respondents who have not yet retired cite an occupational or personal pension as an expected source of retirement income between July 2016 and December 2016. This compares to 62% in July 2014 to June 2016.

The research also found:

20% of respondents feel that workplace pension schemes are the retirement saving method that will make the most of their money in July 2016-December 2016, compared to 49% who cite property as the saving vehicle that will make the most of their money.
15% of respondents aged under 60 years old who are not in receipt of a pension and are not currently contributing to a pension say they do not contribute to a pension because they do not know enough about pensions between July 2016 and December 2016. Other reasons for not saving into a pension include low income, they are not working or they are still in education (55%), and not being able to afford to contribute into a pension (29%).

Full Content: Employee Benefits

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