You are here: Home - Retirement - Retirement planning - News -

Do you know how much your employer puts into your pension?

0
Written by: Adam Lewis
17/11/2016
Over half of people have no idea how much their employer contributes into their pension according to new research.

The research from Just Retirement of 3,000 people over the aged 21 was released to coincide with Financial Capability Week, which takes place between 14 – 20 November with the aim of raising awareness of people’s ability to manage their money well.

However while the research shows people value pension savings, 58% don’t know how much their employer contributes, while 43% would battle to identify how much they put in.

Not only were people unsure of how much was being contributed into their pension, 35% of those surveyed were unaware which company or provider their company workplace pension was with, while 19% didn’t know if their partners had pensions or not.

Commenting on the findings, Stephen Lowe, group communications director at Just Retirement, said: “As we mark Financial Capability Week, it is clear that in order for people to be in a position to ‘manage their money well’, they need to fully understand what, how and where they are saving for retirement.”

He added: “With a significant proportion of people disengaged with at least some aspects of their retirement saving, it is vital that when they do reach retirement they make use of the impartial and free to use Pension Wise service. Making potentially life-altering decisions without receiving guidance exposes people to risks and decisions that may be irreversible.”

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Royal Mail fined £1.6m for delivery failures and overcharging customers

Royal Mail has been fined £1.5m for failing to meet first-class delivery targets and a further £100,000 for ov...
Royal Mail fined £1.6m for delivery failures and overcharging customers

Lloyds and Nationwide rapped over PPI breaches

The competition regulator has shamed Lloyds and Nationwide for breaching PPI orders yet again.
Lloyds and Nationwide rapped over PPI breaches

Stamp duty cut confirmed by chancellor

A stamp duty holiday will start immediately, the chancellor today confirmed in his summer statement.
Stamp duty cut confirmed by chancellor

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

A quick guide to guarantor loans – in association with Guarantor Loan Comparison

Considering a guarantor loan or becoming a guarantor yourself? Read our essential guide...

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Money Tips of the Week

Read previous post:
Is now the time to unlock India’s potential?

India’s performance has lagged that of other emerging markets in 2016 but with major reforms taking shape, some believe the...

Close