UK - Take-up rates for occupational pension schemes are plummeting, a new survey shows.
The number of companies with take-up rates of 80% or more has fallen from just under half to less than a third, Origen’s employee benefit study reveals.
Origen – created when Aegon UK merged five of its wholly-owned IFAs – said its study also showed that only 40% of firms now offered staff a final salary pension, compared with 57% in 2003.
Origen pension specialist Mark Stopard said: “Poor employee take-up of existing pensions is as worrying as firms closing schemes. This situation could be rectified if more companies ran an opt-out policy for their pension scheme but currently 68% still expect employees to opt-in to a scheme.”
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