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Lack of knowledge about pension auto-enrolment - survey

Women are more likely than men to be unaware of the plans
Women are more likely than men to be unaware of the plans

New research has found that the public's knowledge of Government plans to introduce pension auto-enrolment are poor, with 70% of people surveyed stating they were unaware.

Under the proposals, the auto-enrolment scheme will be rolled out to try to get the 750,000 workers with no form of occupational pension cover into one.

But the survey by Standard Life found 46% of those with no cover currently were unaware of the plans.

The degree of lack of knowledge is similar across Leinster, Munster and Ulster/Connaught.

84% of the 1,000 respondents who took part in the poll said that they have not received sufficient information about the scheme planned to launch next year.

Women are more likely than men to be unaware of the plans.

But support for the initiative seems strong, as 79% said they will stay in the scheme after the six-month compulsory period.

The study also revealed that on average, workers currently without a pension believe that 31 is a good age to start one, three years older than those with a pension.

Millennials believe it is good to start a pension latest in life at 32 years, which is two years older than the younger Gen Z generation at 30 years.

Despite the lack of awareness about auto-enrolment, sentiment towards pensions generally remains positive.

Nearly three-quarters of respondents saw having a pension to be essential, while nearly 78% of workers say an employer’s contribution towards their pension is a very important factor when considering a new job.

The survey also found that men are more likely than women to have a private pension.

In total, four-fifths of those with pensions have a private sector one, while those with only a public sector pension make up a fifth.