3m Brits 'to opt out of auto-enrolment'

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3m Brits 'to opt out of auto-enrolment'

Fri 21st Oct 2011

Up to three million people are set to opt out of the incoming pensions auto-enrolment scheme that is due to come into force in 2012, it has been revealed.

Joanne Segars, chief executive of the National Association of Pension Funds (NAPF), said it is a very worrying statistic, as while times may be hard for individuals at present, the extra pension funds could do them the world of good in a few decades' time.

She commented: "The UK isn't saving anywhere near enough to pay for its old age and auto-enrolment into a pension is something that could really help change that."

According to figures compiled by NAPF, half (48 per cent) of those who say they will opt out of the auto-enrolment scheme claim they will do so because they cannot afford to make contributions.

Furthermore, 26 said they do not trust the pensions industry, while 29 per cent had fears over trusting the government.

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