Low faith in pension plans

Employees place more trust in themselves than their employers to provide a pension for when they retire, according to research released by the National Association of Pensions Fund (NAPF).

The NAPF’s inaugural Workplace pensions survey showed that 36% of the 1,317 respondents trusted themselves to provide a pension for their retirement, compared with 26% who opted to place their trust in their employers to do so.

Where pensions are provided through the workplace, employers could do a little more to explain what is on offer to those who are not members. More than half of employees (56%) who don’t belong to a workplace pension scheme, believe their employers do not do enough to explain the pension they offer. In contrast, 61% of those already enrolled in their organisation’s pension scheme, say their employer does enough to explain their pension.