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Newsletter

Brits unaware about contributions being made to workplace pensions

By Tom Farley, Mon 12 Sep 2011 - Published in Pensions

Almost a third of Brits with a Defined Contribution (DC) pension scheme in the workplace do not know how much they are putting into it.

The Scottish Widows Workplace Pensions Report 2011 highlighted that only 55 per cent of those with a DC pension know what they are contributing to it.

However, the survey noted that almost a fifth of employees with this type of scheme have no idea how much their employer pays into it.

Peter Glancy, head of corporate pension propositions at Scottish Widows, said: "More advice and guidance is needed, not only to increase the number of people who are not saving, but also to ensure that those who are contributing are making the most of their benefits.

"In many cases, these benefits are unappreciated and not understood."

Recently, the Trade Union Congress (TUC) commented on figures released by the Office for National Statistics, which revealed that there has been a ten per cent fall in personal pension contributions in the last year.

Brendan Barber, general secretary at the TUC, stated that this figure "is very worrying".