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Employees fail to understand work pensions

Fri 27 Jun 2008

25/06/2008

Employees fail to understand their work-based pension, the National Association of Pension Funds (NAPF) has claimed. Its Workplace Pensions Survey 2008 revealed 22 per cent of employees are unaware of the contributions their company makes to its own pension scheme. "The lack of understanding of tax relief and employer contributions presents an opportunity to boost retirement savings of the British workforce," said NAPF director of policy, Nigel Peaple. "Through regular and jargon-free communication, employers and the pensions sector have the opportunity to re-emphasise the benefits of workplace pensions." The study found one-in-four workers were unaware they received tax-relief on their pensions and an estimated 6.8 million employees felt their company failed to explain the pensions they offered. The UK has a rapidly ageing workforce. However, according to figures from the Department for Work and Pensions, 4.7 million people with access to workplace-based pensions have yet to join.


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