Millions of workers are happy to be contributing to a workplace pension. Fewer people than expected are choosing to opt out of new workplace pension schemes, a survey has indicated.
The National Employment Savings Trust (Nest) found that 9% of employees chose to leave pension schemes after being automatically enrolled.
Previously, the government thought that a third might decide to leave.
According to the Department of Work and Pensions (DWP), 1.6 million workers have joined workplace pensions in the first year of so-called auto-enrolment.
Under the plan, launched in October 2012, employees are automatically put into a pension scheme unless they choose to opt out.
Now smaller companies, employing a few thousand people, are joining the scheme as well.
Under the workplace pension scheme, employers make a contribution to workers’ savings.
When they retire, employees then use the pension pot to buy an annuity, or income for life.
The government hopes that eventually 6-9 million people may be persuaded to join such schemes.