20th October 2011

What am I Supposed to do?

As part of our commitment to keeping you informed, our Workplace Pensions Report reveals that providing a workplace pension scheme is only the first step in helping employees towards an adequate pension in retirement. Almost three-quarters of non-retired people have a private pension, yet a significant proportion is uncertain about what it will provide them.

Download the report

The key findings of our 2011 report:

• only 55% of those with a defined contribution scheme know that they are contributing
• over a quarter (28%) don’t know how much, or even if, they are contributing
• 38% have no idea how much their employer contributes
• 70% expect their employer to provide access to a pension scheme AND make contributions
• 40% feel their employer should offer full financial advice, while 55% seek general information about retirement from their employer
• 56% of employees say their employer’s pensions scheme is an incentive to remain with that employer.

Pete Glancy, Head of Corporate Pensions Propositions, Scottish Widows, comments:
“Often pensions are seen as too complicated yet the messages could be quite simple. Positioning a company pension as ‘deferred pay’ could help to highlight the benefits of a pension, and at the same time position the workplace pensions scheme as a vital part of saving for retirement.”

Scottish Widows is a specialist in the workplace savings arena and a leader in sharing expertise in meeting industry challenges such as automatic enrolment and the advice gap.

Download our full report and also read contributions made by other industry experts.

Pensions