The 2012 Workplace Pensions Report has revealed that 52% of all employees have no knowledge of the new auto enrolment legislation which will affect 19 million workers.
The new reform will be implemented in October 2012 and will then be rolled out over the next five years in order to raise awareness. The Department for Work and Pension will be putting out a national campaign later this month. The new legislation will see all qualifying workers enrolled in a workplace pension saving scheme – unless they opt-out.
The report found that 74% of respondents believed that their employer should provide information about retirement planning. Scottish Widows said the services of an expert adviser “would help increase education and understanding of savings, and help employees plan better for their retirement.”