Prudential: Pension neglect costs £5.07 billion annually

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Prudential: Pension neglect costs £5.07 billion annually

British workers are losing out on £5.07 billion a year by not joining their company pension schemes, Prudential has said.

According to its new research, 66 per cent of full and part-time workers in the UK know that their firms offer a company pension as part of the remuneration package, with employers paying an average of 11.33 per cent to such programmes.

But 18 per cent of workers do not join the occupational pensions available.

Based on the average UK annual salary of £19,494.80, this means losing an extra £2,208 a year on top of their wages.

Such employees are losing out on £5.07 billion in pension benefits each year.

Martyn Bogira, defined contributions director at Prudential, said that losing out now on such benefits "will play havoc with people's retirement plans in the future" but added that the solution was very simple and workers should join the schemes.

In July, Prudential reported that pensioners were not budgeting for their retired life despite the downturn in the economy.

It said that many were spending too much in the first year, only to suffer later.

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