National Employment and Savings Trust (NEST) Corporation has revealed it saw a 40% opt-out rate following its auto-enrolment staging date.
The organisation brought the staging date for its own employees forward from 1 February 2014 to 1 October 2012.
Of the employees auto-enrolled in a scheme since this date, four out of ten chose to opt out of workplace saving.
Director of communications and engagement Graham Vidler said it was important to view the figures in light of the high rates of voluntary participation in its pension scheme.
“NEST staff’s participation rate in the NEST pension scheme is currently 81% after auto-enrolment,” Vidler explained.
“Some people have other arrangements or don’t think pension saving is for them. NEST is designed for a certain target market: generally people on average salaries who may not have had access to a pension scheme before.
“NEST employees don’t fit that profile in the main, so it is very encouraging that our participation rate is so high.”
Following RBS’s early staging in July 2012, the bank reported 50% of employees who were auto-enrolled opted out of the scheme. This amounted to more than 90% of its workers contributing to its pension fund .
'People miscalculate how much they need'
Information request by AJ Bell
Could lose 97% of investment
'Document your conversations'