One in five workers missing out on pensions

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Around 20 per cent of people employed in the UK have not joined an occupational pension scheme, new figures claim.

Research by financial services company Prudential found that two-thirds of both full and part-time workers are aware that their employer offers a retirement provision package.

However, it also revealed that 18 per cent of those polled are not enrolled on the schemes, which means they are collectively missing out on over £5 billion a year.

Martyn Bogira, defined contributions director of Prudential, said the decision not to sign up to a company pension could "play havoc" with many people's retirement plans.

He added: "We would strongly encourage all staff to check the terms of their company pension and ensure they understand how much additional money they are losing out on by failing to join these."

Recent research by the Alliance Trust found that many people believe their company pension will be the biggest contributor to their retirement provision.

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