Almost 60 per cent of people in the UK do not know how much their employer contributes to their workplace pension, research by Just Retirement has revealed.
According to the survey of 3,000 people over the age of 21, 58 per cent were unable to say how much their employer was putting aside for their retirement.
While knowledge of their personal contribution rate was better, 43 per cent were still unable to say how much they themselves put aside each month.
Meanwhile 35 per cent of respondents had no idea which company or provider their company workplace pension was with.
Almost one in three (30 per cent) did not know how many pension pots they had, while almost one in five (19 per cent) did not know whether or not their partner had a pension.
Stephen Lowe, communications director at just Retirement, said the survey showed that people were not fully aware of the value of employer contributions, and that this needed to be addressed.
“With a significant proportion of people disengaged with at least some aspects of their retirement saving, it is vital that when they do reach retirement they make use of the impartial and free to uses Pension Wise service.
"Making potentially life altering decisions without receiving guidance exposes people to risks and decisions that may be irreversible. Those people using Pension Wise have said they received outstanding service.”
The survey coincided with an Institute for Fiscal Studies report, released today (November 17), that showed auto-enrolment had brought 88 per cent of the private workforce into a workplace pension.
Jonathan Cribb, a senior research economist at the IFS, and an author of the report said, said the report showed AE had been a success so far.
But he added: "A key issue is whether those brought into workplace pensions at low contribution rates will remain in when minimum contribution rates start rising."
The government will conduct a review on the progress of auto-enrolment next year.
james.fernyhough@ft.com
