Thursday, January 28, 2010

United Kingdom: Survey Shows More Older Workers Planning To Opt Out of Automatic Pension Enrollments

A survey conducted by B&CE with respect to its United Kingdom customer views and intentions around the introduction of the National Employment Savings Trust (NEST) in 2012 show that older workers are much more likely to opt out as automatic enrollment is phased in until 2017. While only 10% within the 18-34 age group indicated that they would opt out, as did 17% of those in the 35-54 range, 42% of those 55 and older said they would opt out.

John Jory, Director of B&CE Insurance Ltd, commented: "The survey results for the higher age bands are disappointing but perhaps not surprising." B&CE suggested that for older workers might feel that it’s too late to start saving, especially with the potential negative impact of means testing.

Source: B&CE Benefit Schemes News Release (January 26, 2010)

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