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10 Apr 2013

48% of Younger Workers Now Saving Into Workplace Pensions

The National Association of Pension Funds (NAPF) has found that the awareness among younger people about developments in pensions has surprisingly increased, most probably as a result of ardent debates prompted by the undergoing overhaul of the system. The changes are set to result in the introduction of a single-tier state pension sooner than planned and will also affect rules concerning the auto-enrolment which took effect in 2012, compelling up to 10 million people to start saving into a pension.

According to the results of a survey carried out by NAPF among 2,000 Britons, nearly half (48%) of the respondents aged between 25 and 34 were already saving into a workplace pension. Out of those who haven´t joined an occupational pension scheme, 65% said that they were likely to stay in their new pension when they were auto-enrolled, which is well above the average rate of 50%.

NAPF also established that 44% of younger people who were already members of a workplace pension were not certain whether it was a good one, against 32% on average.

Meanwhile, younger workers proved to be more determined to consider boosting their retirement saving throughout the year, as 53% of them said that they plan to allocate larger sums for their post-work years in 2013. By comparison, just 26% of people aged between 45 and 54 said that they plan to start saving more for retirement this year, with only those approaching retirement, or people in the 55-64 age group, proving more likely to plan higher savings, at 56%.

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