With the staging date for larger employers just around the corner on 1 October, Standard Life has found that almost three fifths (59%) of employees who don't currently have a pension are still not aware of auto-enrolment, but over half (55%) are keen to find out more about it.
The survey was carried out for Standard Life in August to find out more about levels of awareness and interest in auto-enrolment among employees in Britain who don't have a pension. It found that more than four fifths (83%) of those surveyed who would be interested in finding out more, would expect to find out more from their employer, while over half (54%) would expect to hear more from the Government.
When asked what aspect they would like to find out more about, nearly three fifths of employees (58%) said they would like to know more about how much they would need to contribute; two fifths (40%) want to find out more about when they would start paying; and almost a quarter (23%) are keen to know about the investment options.
Just 27% of employees who don't currently have a pension said they would like to know more about opting out.
Commenting on this, Ann Flynn, Head of Workplace Marketing at Standard Life, said:
"For many employers and employees in the UK, the introduction of auto-enrolment is still some way off, due to the staggered start dates. So we wouldn't necessarily expect all employees to be aware of it right now. However, it is reassuring to know there is a real appetite for more information among those who aren't yet scheme members and that people are keen to understand more about what it means to be enrolled.
"Auto-enrolment has the potential to help many more people save for their retirement, with contributions being made for them by their employer and the government too. For several years now, there has been a downward trend in the number of people actively saving into a workplace pension, but by the end of 2012, the Department of Work and Pensions estimates that some 600,000 more people will be saving into one as a result of auto-enrolment. So this trend could be reversed and more people could be helped to save more for their retirement, which has to be a good thing."
Flynn adds:
"It is also really encouraging that only 27% of employees without a pension indicated they would want to understand how to opt out. This is much lower than many predictions and a positive result given that the figures will include many people who will be financially challenged in the current climate.
"Communicating the benefits of being enrolled into a workplace pension is key to the success of auto-enrolment. Employers, the government and pension scheme providers all have an important role to play in this respect. There is clearly still a gap to close and the new TV and print advertising campaign by the Department of Work and Pensions has been launched to help people understand the opportunity workplace pensions bring."
The survey also found that nearly three fifths (57%) of those who currently have a pension are already aware of auto-enrolment.
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