Four in five employees to stay in automatic enrolment pensions as rate rises

Our study, on behalf of Now Pensions, has found that the majority of employers will stay opted-in to their automatic enrolment scheme despite their pension contributions tripling.

More than four in five said they would continue contributing as employee contributions rise from 1% to up to 3% of qualifying earnings today. Another 60% believe it is important to save into a pension, although 23% said the employer contribution is too valuable to lose out on.

Of those who have chosen to opt out, nearly four in ten said they had done so because they couldn’t afford the payment, while a further 24% said they didn’t see the point because the contribution was so small. Additionally, 19% said they did not trust pensions.

Nearly half said they wanted to understand the workplace pensions better, with 51% saying they wished they could have saved earlier.

Read more about this here.