Employees waste £5bn in pensions per year

The life and pensions firm's latest findings showed that two-thirds of workers (66pc) knew their employers offered a company pension as part of their remuneration package. Of those polled, the same number knew that employers would pay an average of 11.33pc of earnings to their schemes. Yet despite this, 18pc of these workers are failing to join the occupational pensions on offer which, based on the average annual UK salary of £19,494 for full and part time staff, meant they were turning down an extra £2208 a year on top of their salaries. The research also found that more than a quarte...