Engagement pathways in workplace pensions: an overview of pension decision-making

The Pensions Policy Institute (PPI) has today published ‘Engagement pathways in workplace pensions: an overview of pension decision-making’. This report outlines the findings from qualitative research aimed specifically at understanding how individuals make decisions following automatic enrolment. The findings suggest that there are a variety of approaches to pension saving and identifies a typology of decision-making.

Due to the falling private pension saving rates in the UK there are concerns regarding the adequacy of provision for later life. The automatic enrolment policy was implemented in 2012 to encourage private pension saving by automatically enrolling employees into workplace pension schemes. This policy has led to an increase in people participating in workplace pensions schemes, although the majority of those newly enrolled are saving at the minimum default contribution rates, which are unlikely to provide adequate levels of income in retirement. Latest research suggests that there may be 12 million individuals who are under-saving for their retirement.

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