Also, more than half are not members of a workplace pension, according to a study of 2,000 respondents from the Chartered Institute of Personnel and Development (CIPD).
Some 65 per cent of private sector workers are not saving into a company pension scheme, compared to 40 per cent and 12 per cent in the voluntary and public sector respectively.
Charles Cotton, reward adviser, CIPD says, ‘Firms are facing a huge challenge in light of 2012 auto-enrolment. It is crucial that the government supports employers’ efforts to communicate to employees the implications of these changes. If not, we will continue to sleepwalk into a pensions’ crisis.’
