Close to four in ten UK employees would prefer higher pension contributions from employers over popular workplace perks such as free snacks or duvet days, research has revealed.
The study from the Pension Attention campaign found that 39 percent of adults would rather see pension top-ups in their benefits package. This rises to 44 percent among employees aged 35 and above. The findings suggest that long-term financial security is highly valued by workers.
However, the research also points to widespread disengagement with retirement savings. Almost half of pension savers (46 percent) said they did not know how much money they currently have, while 16 percent admitted to never having checked their balance. A further 22 percent said they have no idea how much they will need to retire, and one in ten (10 percent) said they have “more important things to think about” than their pension.
Awareness of employer contributions and pension providers is also low. More than half of respondents paying into a pension (56 percent) said they do not know how much they or their employer contributes, and almost a fifth (18 percent) were unsure who their provider is.
The UK’s auto-enrolment scheme, introduced in 2012, has significantly increased participation in workplace pensions by requiring employers to enrol eligible staff and contribute on their behalf. But the research suggests that its “passive nature” may be encouraging apathy, with many workers failing to engage.
Emily Mae Collins, policy adviser at the Association of British Insurers (ABI), which coordinates the campaign, said: “Auto-enrolment has made it easier than ever for people to start saving for retirement. Yet when saving happens in the background, it can be all too easy to forget about it entirely. Without awareness or regular engagement, many employees could find themselves falling short of the retirement they’re hoping for. That’s why we’re encouraging employers to play a more active role in helping their colleagues understand, value and build their pensions with confidence.”
Engagement tips
Collins urged HR and benefits teams to “open up the conversation” with employees on retirement savings, share simple, trusted resources, and to highlight the value of contributions.
She said that making pensions a normal part of everyday money discussions would support engagement. Employers can also prompt pension action when employees reach natural milestones like pay rises, maternity or paternity leave, and new job roles. Linking pensions to these moments makes the discussion feel timely and relevant.
Finally, Collins encouraged HR teams and managers to lead by example and talk openly about their own pension choices and benefits. This helps to make engagement part of workplace culture. When leaders share their approach, it reassures others that it is worth paying attention to.
“By opening-up the conversation about retirement savings, you can give your team the confidence to take control of their future,” she added.
The Pension Attention campaign is coordinated by the ABI and Pensions UK and supported by leading pension providers including Aviva, Legal & General, Scottish Widows and Standard Life.
