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