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03 Dec 2012

Some 70% Of Brits Not To Opt Out Under Auto-Enrolment - DWP

Some 70% of UK adults intend to remain as members of a pension scheme if they are enrolled into one under automatic enrolment, the latest Department for Work and Pensions (DWP) study on retirement savings showed last week.

According to the ‘Attitudes to pensions: The 2012 survey´, which included 1,949 people across Great Britain, pensions seem too complex for many Britons. Nearly 60% of respondents said that their knowledge of pensions was not enough to allow them to feel confident about managing retirement saving. Just over 40% of those surveyed who had a private pension said that they did not know what income they would receive in retirement, while this proportion was nearly 80% for people without a private pension.

The study also found that just under one fifth of people without any pension provision said that it was too early to start saving for retirement. Almost 40% of respondents aged between 18 and 24 actively avoided thinking about retirement as a whole.

The likelihood of older women having no savings for later life is higher than for men. Over 70% of women said that they thought pensions were complex and nearly 30% said that they found dealing with them frightening.

When asked about the main reason for saving into a pension, almost a third said that it was for fear of their income in retirement being insufficient, 28% said it was qualifying to become a member of a company scheme and almost a quarter said it was starting work.

The study was conducted by research agency TNS-BMRB on behalf of the DWP earlier in 2012.

Copyright © M2 Bespoke 2012

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