UK Money News
24th June 2008
Brits missing out on workplace pension benefits
Millions of Britons do not understand the workings of workplace pensions and are missing out on the benefits they offer, a new study has shown.
The Workplace Pensions Survey, which was conducted by the National Association of Pension Funds (NAPF), found that one in four employees with access to a workplace pension is unaware of pension tax relief.
Furthermore, 22 per cent of the sample do not know how much their employer contributes if they were a scheme member.
Nigel Peaple, director of policy at the NAPF, said the findings highlighted the need to tackle the problem in ways that are comprehensible to workers.
"The lack of understanding of tax relief and employer contributions presents an opportunity to boost retirement savings of the British workforce.
"Through regular and jargon-free communication, employers and the pensions sector have the opportunity to re-emphasise the benefits of workplace pensions. Addressing this knowledge gap could be a quick win."
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