Almost half (46%) of UK employees do not know how much is in their pension, according to research by the Association of British Insurers (ABI) and Pensions UK.
The survey of 2,000 UK employed adults with a pension, which was carried out as part of the Pension Attention campaign, also found that just under a fifth (16%) of respondents said they have never checked how much is in their pension and 10% said they have more important things to think about than their pension.
More than half (56%) of those currently paying into their pension do not know how much they or their employer contributes to their pension pot, and 18% are not aware who their pension provider is. Almost a quarter (22%) said they have no idea how much they will need to retire.
Two-fifths (39%) said higher pension contributions from employers would be more important than free snacks or duvet days, rising to 44% among those aged 35 and over.
The Pension Attention campaign, which is co-ordinated by the ABI and funded by brands in the pensions industry, this year coincides with the 13th anniversary of the launch of auto-enrolment and is calling on employers to help employees strengthen their pension.
Emily Mae Collins, policy adviser at the ABI said: “Auto-enrolment has made it easier than ever for people to start saving for retirement. Yet when saving happens in the background, it can be all too easy to forget about it entirely. Without awareness or regular engagement, many employees could find themselves falling short of the retirement they’re hoping for.
“That’s why we’re encouraging employers to play a more active role in helping their employees understand, value and build their pensions with confidence. By opening-up the conversation about retirement savings, [they] can give [their] team the confidence to take control of their future. Share resources, start the chat, and help make pensions something we can all feel confident about.”
