NAPF says 1/3 will opt out of auto-enrolment

The National Association of Pension Funds (NAPF) has polled 500 people to find that one in three are unlikely to remain in a workplace pension when they are auto-enrolled. While these results have been taken from a small sample, they suggest a rise from the one in four suggested by a government study in 2007, indicating that attitudes have been affected by recession.

48 per cent said they cannot not afford the contributions, 29 per cent said they do not trust the Government and 26 per cent said they do not trust the pensions industry. This shows a need for the pensions industry to simplify pensions and to prioritise encouraging public trust. It also emphasises the importance for businesses to consider non-government alternatives to NEST for their workplace scheme, such as The Pointon York SelectCSIPP. Call us on 01858 419300 for more information about our corporate SIPP offering.

SOURCE: http://www.moneymarketing.co.uk/1039925.article?cmpid=MME01&cmptype=newsletter&email=true