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Fewer than expected opting out of pension schemes


Reports are suggesting that fewer people are choosing to opt out of automatic pension enrollment schemes than what was originally expected.

Whilst the government initially indicated that they expected around a third of workers to opt out of the scheme, the National Employment Savings Trust (Nest) found that 9% of employees chose to leave their automatic pension schemes.

The National Employment Savings Trust (Nest) found that 9% of employees chose to leave pension schemes after being automatically enrolled. Furthermore, the Department of Work and Pensions (DWP), 1.6 million workers have joined pension schemes during the first year of the scheme, indicating the government have so-far been successful in their endeavours to get more people to save for their retirement.

In regards to those who have opted out, it was found that a third did so because they could simply not afford to be a part of the plan, whilst a further 15% claimed to be saving through other means. Whilst the majority of those who did stay in the scheme did so because they believed it was time to start saving for retirement.

The news of people opting to stay in the automatic pension scheme was welcomed by Steve Webb, Pensions Minister who was quoted as saying "Over the past year we have instigated a quiet revolution that has heralded the biggest change to pensions in a century."

The government is now hoping that eventually 6-9 million people may be persuaded to join such pension schemes.

However, If you feel you have any questions regarding your own pension then one of our advisers would be happy to answer your question within 60 minutes* during office hours. All you have to do is type your question into out simple question box located on this website.

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