Nearly four in 10 (39 per cent) Brits value higher employer pension contributions over discretionary benefits, rising to 44 per cent for those aged 35 and over, highlighting a growing focus on long-term financial security, according to research from the Pension Attention campaign.

Despite this increasing focus on long-term financial security, 22 per cent of savers still don’t know how much they will need to retire, while 46 per cent don’t know how much is in their pension.

The research also found that 16 per cent of Brits said they have never checked their pension, with 10 per cent suggesting the reasoning behind this is that they have more important things to think about than their pension.

This disengagement extends even further as 56 per cent of those paying into a pension don’t know how much they, or their employer, contribute, while 18 per cent are unsure who their pension provider is.

This apathy comes 13 years after the launch of auto-enrolment, which the Pension Attention campaign said has "massively increased” participation in workplace pensions.

However, the campaign said auto-enrolment’s passive nature means many savers still fail to engage meaningfully with their savings for later life and don’t check whether they are contributing enough for retirement.  

Echoing this, Association of British Insurers policy adviser, Emily Mae Collins, said that auto-enrolment has made it “easier than ever” for people to start saving for retirement, yet emphasised that when saving happens in the background, it can be all too easy to forget about it entirely.

“Without awareness or regular engagement, many employees could find themselves falling short of the retirement they’re hoping for,” she said.

---