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One in six (16.5%) employees will opt out when they are auto enrolled into a workplace pension scheme. More than double (48.4%) are unsure - and a third (35%) will not practice the option to take themselves out of the pension set up.

Older workers are the most likely to opt out after being automatically enrolled into a workplace pension scheme.　Inertia is more likely to keep part time workers in the scheme. 　And although some workers may be uncertain of whether or not they will opt out, they are likely however to be certain that they want to be able to choose the pension structure.

Over three quarters (78.7%) of those who initially opt out will opt out again three years later when they are automatically re-enrolled.

And although similar proportions of women and men claim they will opt out if automatically enrolled into a workplace pension scheme, a greater number of men will opt out again when they are enrolled back into the scheme three years later.


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Life Insurance Report

October 2011

[ View the full report ]

This study is an in-depth assessment of the UK personal protection market, with a specific focus on life insurance, critical illness and income protection.

The report segments those individuals who hold active policies in the above three product types and regresses this by two dimensions.

Firstly, a comparative view of the socio-demographic make-up of personal protection customers versus the broader population with the aim of identifying gaps in the market and also revealing any segments that may have a greater need for such products based on other personal liabilities and financial considerations they may have, i.e. significant debt, being the primary income earner of a given household, etc.

Secondly, the report analyses the correlations of specific protection products against incidences of holding other suites of financial services products split by a full range of socio-demographic clusters.

The study has significant respondent sampling allowing for a broad spectrum of analysis, for example, the report provides a regional perspective on adoption rates and participation.

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