67% of consumers own at least one type of workplace pension, with seven in then of workplace pension holders having a workplace pension with their current employer. Affluent consumers, especially those in intermediate or senior managerial positions, who are working full time are the most likely to own a workplace pension. Working full time and being aged between 25-44 plays a key role in determining ownership of workplace pensions. This is no doubt related to the introduction of auto enrolment (AE) into the workplace pension market in 2012. Most consumers who are currently employed but do not have a workplace pension with their current employer, have voluntarily taken a decision not to be enrolled or to leave a workplace scheme.
The most common arrangement is for workplace pension holders to only have a defined contribution (DC) pension (four-in-ten), with just under one-third only having a defined benefit (DB) pension. Around one-in-ten workplace pension holders own both types of pension. One-in-five workplace pension holders are not sure what type of pension they have. These consumers include a high percentage of part-time workers who seem detached from or lack interest in their workplace pensions.
