Most employees do not know how much their employer pays into their pension fund, according to research from Just Retirement.
The study also found that 43% struggle to identify their own contribution and 35% have no idea of the name of the provider looking after their savings pot.
‘Employers contribute millions of pounds each month to employees’ pension schemes but this research suggests that while people are aware of this benefit, they don’t fully understand just how valuable it is,’ said Stephen Lowe, group communications director at the financial services company.
He urged people to make use of Pension Wise, the government’s free and impartial advice service.
‘Making potentially life altering decisions without receiving guidance exposes people to risks and decisions that may be irreversible,’ added Lowe.
The survey of more than 3,000 people was published to mark last week’s Financial Capability Week (14-20 November), run by the Money Advice Service to help organisations and policy makers understand how important it is for people to be financially aware.
