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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

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Interest in automatic enrolment growing among non-pension holders

It is estimated that 600,000 people will be enrolled in a workplace pension by the end of the year as a result of the introduction of automatic enrolment.

Now research from Standard Life has revealed that interest is mounting in the scheme just days before its rollout on October 1st.  With estimates from the Department for Work and Pensions (DWP) revealing that average private pension income is set to climb to £153 and £195 a week by 2070, compared to a figure of £86 and £106 if pension reforms didn’t go head, it seems logical that workers would want to find out more about an initiative that could boost their pension pots.

More than half (55%) of employees who don’t have a workplace pension expressed an interest in learning more about the scheme, with 83% expecting to receive information about automatic enrolment from their employers. For 54% of this group, they expect information about automatic enrolment to come directly from the government.

Outlining which information they want more clarity over, more than half (58%) wanted to know more about employee contributions, while 40% wanted to know more about when they would need to start making payments. For just under a quarter (23%), gaining a better insight into their investment options was key.

Ann Flynn, Head of Workplace Marketing at Standard Life, argued that highlighting the advantages of automatic enrolment was key to the scheme’s success:

"Communicating the benefits of being enrolled into a workplace pension is key to the success of auto-enrolment. Employers, the government and pension scheme providers all have an important role to play in this respect. There is clearly still a gap to close and the new TV and print advertising campaign by the Department of Work and Pensions has been launched to help people understand the opportunity workplace pensions bring."

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