More than half workers unaware of auto-enrolment in pension scheme
According to a new survey, more than half of the workers are not aware of the auto-enrolment system for pension scheme, which is set to be implemented in the coming weeks.
The survey by finance firm Scottish Widows involving 5,200 adults found that 52 per cent of the respondents were "completely unaware" about the fact that workers will automatically be enrolled to company scheme from October 1. About two thirds of those who took the survey said that they have heard about the system in the media.
The report said that the lower paid staff is less likely to know about the auto enrolment system for pension schemes being implemented for the employees. The report also found that the people are now willing to pay twice or £77 a month for pension compared to £38 in the previous year.
Lynn Graves of Scottish Widows said, “With just three weeks to go until auto-enrolment comes into force, it is shocking that there remains such a gap in awareness, and that the media has had to step in to play a pivotal role in educating people about these changes.”
A Department for Work and Pensions spokesman has affirmed that the officials will increase awareness of automatic enrolment within the national campaign that will include TV advertisements. The spokesman also said that the system will be launched on October but the roll out will be gradual over a period of five years.