49% of Britons claim not to have a pension

Pension pot

Nearly half (49%) of respondents say they do not have any kind of pension, according to research by the Chartered Institute of Payroll Professionals (CIPP).

Its Saving for retirement research, which surveyed 2,000 people, found that only 32% of respondents have a pension scheme offered via their employer, while 8% of respondents have a private pension.

More women than men say they do not have a pension, with more than half (51%) admitting to not having one compared to 46% of men.

The research also found:

  • 48% of respondents say they do not know about or do not understand auto-enrolment and the workplace pension reforms.
  • 17% of respondents have calculated and are making the required contributions for their pension.
  • 18% of respondents will reach their targeted pension pot.
  • 41% of respondents would like the opportunity to save for a pension scheme and  for a rainy day through payroll.

Lindsay Melvin, chief executive officer of the CIPP, said: “With pensions at the forefront of the government agenda due to the new work-based pension regulations coming into force, these findings are extremely worrying.

“The extreme lack of awareness surrounding the new system, coupled with the fact that such a significant amount of people don’t have any form of pension whatsoever, private or work, will have a huge ripple effect later down the line when many start to reach pension age.

“Some people may even find that they can never fully retire if they carry on without giving their pension provision serious consideration.”