In the latest survey of workplace pensions by the Drewberry Group (FT Adviser 4/5/22) almost one third of people felt that they needed pension help at work because they were not being informed about their pensions.
The survey also found that:
• Over 40% needed pension help at work because they didn’t know how much their pension was worth or even how much they were contributing.
• One third said that would like their employers to pay for pension help from financial advisers.
• 29% of workers thought that their employer wasn’t paying enough into their pension whilst over a third admitted that they weren’t paying enough into their pension themselves. (which is encouraging)
• Well over 50% of employees wanted pension help at work to understand whether they were contributing enough into their pensions for a secure retirement.
• Interestingly, 50% said they thought they were paying enough in, but the same number said that they didn’t understand anything about pension tax relief or salary sacrifice schemes.
However, it was encouraging to find that almost 90% do have a workplace pension however, due to the success of the autoenrollment scheme. It just seems from the survey findings that people need to know more and get more pension help at work from their employers.
If you need to know more about your pension please do not hesitae to give one of our expert pension advisers a call free of charge.