The study reveals that younger workers are most keen for the choice, with more than half (51%) of under 25’s preferring the option of saving into something other than an automatic pensions scheme. This compares with 42% of employees aged 25-34.
Results also show that more than a quarter of defined benefit scheme members would prefer a non-pension option.
"When it comes to saving for retirement, organisations need to give their employees what
they want – a choice which includes pensions, but not as the only savings option,” says Mark Duke, principal consultant at Towers Perrin. “Employees face a wide range of financial pressures so why not explain the different savings vehicles, including pensions, and let them decide?"
The survey asked 2,199 workers in private sector companies with at least 1,000 employees.
