More than half of all professionals in the UK are unaware as to what auto-enrolment pensions entail, a new study has revealed.
Research published today (September 24th) by Friends Life has revealed this is the case among 60 per cent of Britons they spoke to, even though it is now less than a month until this system comes into force for the largest employers, with smaller and new businesses phased in over the next four years.
Under the terms of auto-enrolment, employers will be legally-obliged to place their members of staff in a workplace pension scheme if they are not already committed to such an initiative.
However, Friends Life established that 27 per cent of the 2,000 people they spoke to are still unaware whether or not they will be enrolled, with just six per cent stating they know for sure they will be automatically enrolled.
Colin Williams, managing director of corporate benefits at the organisation, said it is "worrying" that such a "significant knowledge gap" exists even though the legal changes are so close.