6 minutes | Thursday, 12 April 2018
Never before has it been so important for the UK’s workforce to plan for their retirement. Since auto-enrolment began in 2012, over 9 million workers have had pension contributions withdrawn from their salary and topped up by their employer.
Nearly 5.6 million auto-enrolled savers paying the minimum contributions towards their workplace pensions will see an increase in the amount being paid from 2% to 5%. Howeve, the latest research by NOW: Pensions shows that while 64% are aware of these changes, over a third (36%) are not.
While the overwhelming majority (84%) are expected to continue contributing towards their workplace pension, one in ten (11%) remain undecided as to whether they’re ‘still in’. A small number (3%) – or 270,000 employees – plan to stop contributing towards their pension because they are unable to afford the increase.
Financial Expert and TV presenter Jasmine Birtles, and Adrian Boulding, Director of Policy at NOW: Pensions, spoke to us about the changes.