Workers drop the ball on pensions, along with £2.3bn

clock •

Working Brits are squandering as much as £2.3bn by not joining their company pension contribution schemes, new research suggests.

Insurance specialist Axa, questioning 1,797 working individuals, finds while the average employer contributes 5% of their employees salaries into a defined contribution pension scheme, 28% of those workers with an option to join any company pension scheme, fail to do so. Moreover, Axa finds the amount being lost may even convert to £5.6bn, as 30% of respondents not currently joined up to a scheme are not even aware whether their employers offered to contribute to their scheme. These people were omitted from the survey findings. Mark Rowlands, business development & marketing director at...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers urged to rethink role of traditional diversification

Advisers urged to rethink role of traditional diversification

Milliman publishes whitepaper

Sophia Panayi
clock 29 September 2026 • 2 min read

Active ETFs, ESG and the retirement advice challenge

Sarasin & Partners portfolio manager Ben Gilbert joins PA in the studio

Isabel Baxter
clock 05 June 2026 • 1 min read
Tyndall Partnerships head Sullivan on bespoke empowerment

Tyndall Partnerships head Sullivan on bespoke empowerment

‘No two IFAs invest in the same suite of models’

Isabel Baxter
clock 09 December 2024 • 4 min read