Eleven years after auto enrolment was introduced to the UK, employee benefits software provider Zest polled 1,003 UK adults, all currently employed, to find out how well they understood the rules around auto enrolment, and the tax and National Insurance benefits of paying into their workplace pension.
This infographic summarizes the findings, including that of the more than 1,000 people surveyed across the UK, only 2.3% of people were able to correctly answer what their minimum pension contribution is, with the median response being 18%, when in fact the correct answer is less than half that amount (8%).
This lack of understanding of the tax and National Insurance benefits of paying money into an employee pension is potentially costing the British public over £112m each year in missed tax and National Insurance savings.
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