PMI poll: Three-quarters of public not aware of 2018 AE rate hike
A significant majority (72%) of the public are unaware minimum employee auto-enrolment (AE) contributions could triple from 1% to 3% next April.
The poll conducted by the Pensions Management Institute (PMI) also found more than three-quarters (76%) said they thought the government needs to make pensions more straightforward and simplified.
Asking who was best placed to do that, the survey found that Jeremy Corbyn was the most trusted politician to safeguard retirement through political reform. Receiving support from 26% of respondents, the Labour leader surpassed trust in Prime Minister Theresa May, who had the confidence of 21% of the public.
Corbyn's support jumped among 18- to 24-year-olds, with 48% backing the Labour leader, while May received a higher backing from over-65s, with a third saying she was most credible.
Yet, just over two in five (41%) of all respondents said they had no trust in any politician to safeguard their retirement.
The findings came from a poll of over 2,000 individuals, conducted by Populus between 18 and 19 September, from a statistically representative sample.
The PMI's president Robert Branagh said the survey results demonstrated a lot of work was needed to help people better understand their pension provision.
"Despite all of the political commentary coming out of the party conferences, it is clear that our political leaders still have some work to do to simplify pensions further and help people understand and engage with their long-term retirement provision better," he said.
"As we approach the phasing stages of auto-enrolment, there is clearly still work to be done to educate and inform people what is happening."
In a separate survey of over 250 PMI members, the institute also found most have no confidence in neither the Secretary of State for work and pensions, nor the pensions and financial inclusion minister remaining in post until the next general election.
Almost three in five (57%) said David Gauke would leave his role by then, while 59% thought the same of Guy Opperman.
Consequently, 64% thought workplace pensions were a medium to low priority for the government, while another 73% wanted a standing pensions commission to depoliticise policy.
Branagh added: There is a real danger that Brexit and other major issues facing our political leaders will result in pensions taking too much of a backseat on the political agenda and, with their eye off the ball, all of the good work done to date establishing a new savings culture under this system could be undone.
"It is critical therefore that all parties work together and commit the time required to ensure the future success of the pension system in the UK."
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