90% Workers Pay Into Pension But Only 50% Know It

A survey published today 8^th December 2020 by EQ Pensions Administrators suggests that more than half the UK work force are unaware they are saving into an occupational pension scheme.

The 2,000 adults asked only found 48% of full-time workers thought they were saving into a pension.

This survey follows the recent data from the Office for National Statistics (ONS) showing nearly 9 in 10 employees were now making contributions into a pension scheme.

EQ’s pension arm, chief executive Duncan Watson warned that the survey results show a need for greater pension saver engagement and auto-enrolment has increased the number of people in the UK saving into a workplace pension scheme.

Last month’s ONS figures found untouched defined contribution pensions scheme had increased to £291 billion between 2016 and 2018 and pension savers where asked to check if they were losing money through dormant pension pots.

The figure for 2012 to 2014 when auto-enrolment was introduced was much lower at £139 billion.

Since the coronavirus pandemic hit in March, the Financial Conduct Authority (FCA) has increased awareness in pension losses and the number of UK employees in workplace pension schemes last year reached a record high.