Automatic enrolment has been a success in bringing more people into long-term saving. This year we saw a substantial increase in awareness of auto-enrolment from 39% in 2012 to 76% in 2016. However, our new Workplace Pensions Report found that 68% of people are not aware that their minimum contributions under automatic enrolment are set to increase from 2018. Encouragingly though only 3% said they will opt out when their contributions do increase.
Here are some of our key findings:
- Further tax breaks from the Government would encourage people to save more. This tended to resonate most strongly with men.
- 44% of 22-29 year olds want to see the value of their pension alongside their bank account and savings account