How recent changes have impacted people saving for retirement
In October 2012, the government launched a new legislation, Automatic Enrolment, where every employer in the country has to provide a suitable pension scheme for all eligible employees – with the aim to help get Britons saving for their future. The Scottish Widows 2014 Workplace Pensions Report looks at the impact on people saving for their retirement.
Key findings include:
- Awareness of Automatic Enrolment is continuing to rise, with 77% of people now more aware of it, up from 65% in 2013
- People are saving more now than they were before the start of the recession
- Our research shows that two in three people (63%) still want to know what their income will be in retirement.