9th September 2014

Scottish Widows: Workplace Pensions Report 2014

Our 2014 Workplace Pensions Report shows that Automatic Enrolment is having a positive impact on people saving for their retirement.

Two years on from the launch of Automatic Enrolment, more people are now aware of it and are feeling positive about what it’s trying to achieve. Opt-out rates are significantly lower than predicted and increasing numbers of people are prepared to contribute more into their pension plan each month.

Read the report

Key findings from this year’s report:

• Awareness of Automatic Enrolment is continuing to rise, with 77% of people now aware of it, up from 65% in 2013
• The number of people aged 30 to 49 who are saving adequately has risen from 42% in 2013 to 49% this year
• Our research shows that two in three people (63%) still want to know what their income will be in retirement.

For those who choose to opt out, the main reason is affordability. Clearly there is still some work to be done to encourage and support more people so they can help save adequately for their future. This is particularly true following the recent Budget announcements, which is allowing people more freedom to choose how they use their pension savings.

For more information on our reports, visit Media Centre - Reports - Scottish Widows to access the latest client research reports or contact your usual account manager.

Pensions, Auto-Enrolment