58% do not know how much their employer contributes to their pension

pension

More than half (58%) of respondents do not know how much their employer contributes to their workplace pension, according to research by Just Retirement.

Its survey of 3,208 employees over the age of 21 also found that 43% of respondents would struggle to identify how much they contribute to their workplace pension themselves.

The research also found:

  • 35% of respondents do not know which organisation or provider their workplace pension is with.
  • 30% of respondents are unable to identify how many private pension pots they have without reviewing the relevant paperwork.
  • 19% of respondents are unsure whether their partner has a pension or not.

Stephen Lowe, group communications director at Just Retirement, said: “Employers contribute millions of pounds each month to employees’ pension schemes but this research suggests that while people are aware of this benefit, they don’t fully understand just how valuable it is.

“As we mark Financial Capacity Week [14-20 November 2016], 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.”