Employees concerned with pension planning

Nearly 60 per cent of employees worry they are not saving enough for their retirement ahead of the 2012 pension reforms.

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.’

See also: Staff pension schemes for small businesses

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