Monday, 10 September 2012

Workers 'unaware' of pension change

More than half of workers are not aware of a plan to automatically enrol employees into a pension scheme, just weeks before the reform comes into effect, according to new research.
A survey of 5,200 adults by finance firm Scottish Widows found that 52% were "completely unaware" that workers will automatically join a company scheme from October 1.
The findings were "alarming", with lower paid staff less likely to know about auto-enrolment, said the report.
Lynn Graves of Scottish Widows said: "With just three weeks to go until auto-enrolment comes into force, it is shocking that there remains such a gap in awareness, and that the media has had to step in to play a pivotal role in educating people about these changes."
Almost two thirds of those questioned said they only heard about the pension change through the media.
A Department for Work and Pensions spokesman: "We will boost awareness of automatic enrolment with our national campaign which includes television advertising from later this month.
"While the launch is in October, we are bringing the reforms in gradually over the next five years, so it's understandable that some people will not be aware of the changes. The Pensions Regulator is working with employers to make sure they have the information they need to explain the benefits of workplace pensions to their staff."

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