One in five (21%) respondents take an active role in managing their pension investments, according to research by Capita Employee Benefits.
The research also found:
- 52% of respondents do not know or cannot remember which funds they are invested in.
- 15% of respondents are aware of the open market option (OMO) for purchasing annuities.
- 85% of respondents said they take either a balanced approach (40%) or cautious/very cautious (45%) approach to their investments.
David Tildesley (pictured), director at Capita Employee Benefits, said: “Our findings suggest that there will still be many challenges even after individuals have been auto-enrolled into pension schemes.
“Employers and trustees will need to continue to actively communicate with pension scheme members.
“The need to actively seek out the best annuity deal and take advantage of any medically underwritten enhancements is still a message that has not yet got through.
“There is still much to be done to improve scheme design and communication post auto-enrolment.”