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Uninformed workers miss out on pension benefits
26 June 2008 11:00
Many workers are unaware of various aspects of their firm's pension scheme, according to a new survey, with this particularly prevalent among those who are not members.
Over two thirds of employees with access to a workplace pension know that they can receive tax relief on their contributions, the poll by the National Association of Pension Funds (NAPF) showed, yet barely over half of non-scheme members are aware of this.
Similarly, whereas more than seven out of ten workers are aware of how much their employer contributes to their fund, only half of non-members know how much they would receive, while over a third of them do not.
Interestingly, while just over half of all workers felt that their company did enough to explain the pension they offered, non-members were also more disgruntled than average, with almost three in five stating that the information their firm provides is insufficient.
NAPF director of policy Nigel Peaple said this situation offered a chance to boost workers' retirement savings, adding that with regular, jargon-free communication, employers and Pension providers can promote the value of workplace schemes.
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