11 November 2008
Research published today by the DWP presents findings from sixteen focus group discussions, which explored the types of information people felt they may need following their automatic enrolment into a qualifying pension scheme. The research aims to identify what information people may need to have access to when deciding whether to remain in, or opt out of, a workplace pension.
The main findings were as follows:
Participants identified seven ‘core’ information requirements. These were considered to be essential for them to make an informed decision.
The two most important information requirements were:
The means to assess affordability. Respondents said they would require information about contribution levels in order to consider whether their disposable income would be sufficient to cover contributions.
Security. Respondents reported they would want to know how safe their savings would be and who would have access to their fund.
Twelve additional ‘supplementary’ areas of information were also identified. Respondents believed access to this information would increase their confidence in the decision they will make. Although many respondents said they would not read this information, its provision would demonstrate to them that the process was transparent and trustworthy.
When asked for views on providing information, respondents suggested the period 6-12 months prior to the introduction of automatic enrolment as a potential window for an awareness-raising campaign, with access to additional information at the time they may be automatically enrolled into a workplace pension.
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