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Nearly a quarter (24%) of auto enrolled savers say they “definitely will” or “might” opt out, when minimum contributions hit 8% of qualifying earnings in 2019 according to research* from workplace pensions provider NOW: Pensions. |
But, nearly three quarters (74%) of those that intend to opt out when contributions rise to 8% say they would either “definitely” or “probably” continue to save into their workplace pension, if contributions were rebalanced and employers put in a minimum of 5% with a 3% staff contribution.
Two thirds (66%) of those surveyed believe that the total auto enrolment minimum contribution of 8% is adequate, however one in five (21%) believe it should be increased. Morten Nilsson, CEO of workplace pensions provider NOW: Pensions, says: “At the moment the message is strong and clear – you pay in and your employer matches it. “But, as contributions increase, employees will find themselves paying in more than their employer and this inequality could drive opt outs. “With the 2017 review of auto enrolment just around the corner, the government should consider rebalancing contributions for a more equitable split to encourage a greater proportion to continue to save.
“Losing savers at this stage could be damaging and have long term consequences for the success of the policy.” |
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