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Five million stay out of company pension plans

Research from Axa shows that 28 per cent of employees, or 5.1 million workers, have not or will not join a company pension scheme, even when an employer is prepared to contribute on their behalf.

Only 2 per cent of non-members believe they will be able to rely on the state pension compared with 55 per cent of members who are confident of a comfortable retirement.

Axa Corporate Benefit Solutions business development and marketing director Mark Rowlands believes British workers could be losing out on at least 3bn per year.

Rowlands says: “We strongly encourage people to review their retirement planning. Joining an occupational pension scheme could be an excellent way for workers to boost their retirement income.”

Eleven per cent of non-joiners say they cannot afford to join, 7 per cent say there is no point as they are too old and 7 per cent say they do not know how to join or have received no information on how to do so.

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What employers should expect over the next five years

A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits.  By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.

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