MUCH OF the UK’s population is clueless about auto-enrolment, despite the fact workers and businesses will be impacted from next week, a survey from Friends Life revealed yesterday.
A full 60 per cent of respondents to the poll said they didn’t know what auto-enrolment was, and a further 27 per cent said they didn’t know whether or not their employer would have to auto-enrol them.
The poll will come as a knock to the government, which will force all employers to enrol their employers with an accredited pension scheme over the next four years, starting with the UK’s largest firms.
But the Department for Work and Pensions claimed a lot had changed since the poll in August, saying: “Last week, we generated widespread publicity on the introduction of the policy in October.”
The news came as a poll by SEI revealed pension schemes’ biggest worry was increasing longevity. Falling equity markets and rising inflation ranked as funds’ second and third most significant concerns.