More than a third of UK workers said they will opt out of any pension they are automatically enrolled into, putting the success of the government’s plans to boost retirement savings “in the balance”, according to research carried out for Aviva.
Auto-enrolment into pensions began in October 2012, with the largest firms in the UK being obliged to put employees into a workplace scheme if there was not already one on offer. A phased rollout will result in millions of workers being enrolled into schemes by early 2018.
However, employees have the option to leave the scheme, losing out on contributions from their employer and the government. Of those workers questioned by the insurer, 37% said they would opt out of the scheme, a figure unchanged since May 2012…..