NAPF Workplace Pensions Survey
The NAPF Workplace Pension Survey tracks the opinions and attitudes of people in employment on pensions, and their expectations in retirement.
Latest Edition: April 2013
This year’s report looks at access to and membership in a workplace pension scheme. Respondents aged 35 and older were most likely (58%) to be members of a pension scheme at their workplace, while young people aged 18-24 and those earning £7,000 or less per year were least likely (18%) to be in this position.
Figure 1. Access to workplace pension schemes
This is the first NAPF workplace pension survey to capture those who have been automatically enrolled into a workplace pension scheme under the new reforms. 40% of respondents stated that they had been auto-enrolled into a workplace pension scheme, with only 15% of those who were auto-enrolled choosing to opt-out.
Figure 2. Have you been auto-enrolled into a workplace pension scheme
The decisions likely to be made by those who are eligible but have yet to be auto-enrolled into a workplace pension scheme are captured by the NAPF’s opt-out tracker. This tool is used to show the proportion of people who are likely to opt out once they have been auto-enrolled into a pension. The chart below has been adjusted for those who are currently undecided about what they will do once they are auto-enrolled in to a scheme at their workplace.
Figure 3. How likely is it that you will stay auto-enrolled? - Overall response
The spring survey also shows that more people are confident in pensions compared to other ways of saving for retirement:
Figure 4: Confidence in pensions
This spring the NAPF also measured respondents’ opinions on responsibility, awareness and risk in pensions. Two in 5 respondents said that they had talked about their pension more in the past year than in previous years. One in 3 respondents (32%) said that they do not know whether their pension is good or not, whilst less than half of respondents (39%) said they were more aware of their workplace pension arrangements now than in the past.
Figure 5: Responsibility and awareness of pensions
SUMMARY OF FINDINGS
- Half of respondents were members of a workplace pension scheme.
- 70% of public sector workers were members of a scheme compared to 43% of private sector workers.
- 42% work for an employer who does not have a workplace pension scheme in place.
- 40% have been auto-enrolled into a pension scheme and only 15% of these have opted out. 9 in 10 of 25 – 34 year olds stayed in their scheme.
- 62% of those who have been auto-enrolled agree that they expect their income in retirement to come from their workplace pension.
- 64% of respondents who have not been auto-enrolled and have decided what they are likely to do when they are auto-enrolled say they would choose to stay in the scheme.
- The confidence index has increased to -8 showing that more people are confident in pensions versus other ways of saving compared to a year ago.
- 42% of respondents wish they had taken more interest in saving for their retirement earlier in their working life. 25-34 year olds are most likely to wish they had saved earlier.
- 39% are more aware of their workplace pension arrangements now than they were in the past. Almost half of 25-34 year olds were in this position.
- 50% of respondents would choose to save in a less risky investment if they were guaranteed a minimum income in retirement.
- 43% of respondents worry that their savings and pensions will not be enough to live on in retirement.
NAPF workplace pensions survey – March 201207 March 2012
The NAPF Workplace Pension Survey tracks the opinions of the general public on pensions, and in particular assesses confidence in pensions and...
Pensions workplace survey 2011 - findings summary28 September 2011
The NAPF’s yearly autumn confidence survey shows that 48% of working adults said that, compared to other ways of saving, they...
Workplace pensions survey 201005 March 2010
The findings from the sixth NAPF Workplace Pension Survey...
Workplace pension survey 200920 April 2009
The findings from the NAPF workplace pension survey...