Key findings from a white paper by the University of Edinburgh Business School, commissioned by Aegon
Introduction The 10 year anniversary of auto-enrolment in the UK is a key milestone for the Government’s flagship pension initiative.1 Over 10 million people have been auto-enrolled and are benefiting from employer pension contributions.2 To mark a decade of auto-enrolment in the UK, we set out to explore its impact in a landmark study looking at how it has affected attitudes to saving. The result is a detailed white paper, authored by academics at the University of Edinburgh. The purpose of this guide is to cover off the key findings from the University of Edinburgh’s white paper – and to provide recommendations for government, industry and workplaces on how to enhance auto-enrolment in the future. If your personal circumstances mean you need any additional support, or if you’d like a large print, Braille or audio CD version, you can contact us at: aegon.co.uk/contact. We’re always here to help – if you need some additional support, please let us know. 4 A decade of auto-enrolment: has it helped or hindered saving psychology?
Background The introduction of auto-enrolment was a landmark moment in UK pension policy. The Government introduced auto-enrolment in 2012 to help more people save for retirement. Its purpose was to increase pension scheme membership in the private sector and reduce dependency on the State Pension – in order to reverse years of decline. Under auto-enrolment, all eligible employees are automatically put into their workplace pension scheme. Alongside their personal contribution, employees benefit from an employer contribution and Government tax relief. Workers can choose to opt out of their workplace pension – however, less than 10% have done so. What is auto-enrolment? Employers have a legal obligation to provide a workplace pension scheme. They must autoenrol all eligible employees aged between 22 and State Pension age, those that earn more than £10,000 a year in a single job and who ordinarily work in the UK. By law, both the employer and employees have to pay a minimum amount into a pension scheme. This is currently 8% of an individual’s earnings between £6,240 and £50,270 a year. The employer must pay at least 3% of this, with employees paying the balance including tax relief. Employers and employees can choose to contribute more than the auto-enrolment minimum. The success of auto-enrolment relies on the idea of inertia and the fact that people have been nudged into saving into a workplace pension in the first place and are likely to stay doing so. What is inertia and what is its link to auto-enrolment? Inertia is the idea of maintaining the status-quo or going with the flow. Put simply, it is the tendency to keep doing what you’re already doing and not making an active decision to change a behaviour or way of doing things. Auto-enrolment harnesses the power of inertia by removing the need for people to make an active decision about whether or not to save into a workplace pension scheme. A decade of auto-enrolment: has it helped or hindered saving psychology? 5
We’ve partnered with the University of Edinburgh Business School to produce a white paper exploring the impact of auto-enrolment over the last 10 years. We were particularly interested at looking at how it has affected uptake and the amount saved in workplace pensions. The white paper draws on our recent consumer research and insight from researchers at the University, alongside industry and academic sources. It provides an evaluation of what has been achieved so far and gives recommendations for actions that will enable auto-enrolment to help more workers achieve good retirement outcomes. The white paper is authored by Professor Tina Harrison, University of Edinburgh Business School, Professor of Financial Services Marketing and Consumption. We set out to explore: What impact has auto-enrolment had on attitudes towards money? To what extent has auto-enrolment helped or hindered our ability to think and plan for the future? How has auto-enrolment affected different groups of people? To what extent is bias towards the status quo (inertia) a good or bad thing? How we define pension engagement A set of recommendations The research We carried out research among a nationally representative group of 2,000 UK adults to understand attitudes and behaviour. This research features within the white paper, with supporting data and research from several other sources. Now onto the key findings and highlights A decade of auto-enrolment: has it helped or hindered saving psychology? 7
Impact of auto-enrolment on money compared with 2012.3 Targets set by the Pensions Commission (The Association of British Insurers (ABI), 2022) are being met and there has been an increase in women, lower earners and younger people being enrolled in a pension. Positively, the number of people opting out has been lower than expected, around 1 in 10 people are opting-out within one month of being auto-enrolled.4 - However, while auto-enrolment, combined with the new State Pension, makes sure that many more people than before are making provisions for later life, the Pensions and Lifetime Savings Association (PLSA) argues that contributions at the minimum rate are insufficient to provide an adequate income in retirement, with voluntary pension saving rates above the statutory minimum failing to materialise. Average total contributions made in to defined contribution and auto-enrolment workplace pension schemes are being dwarfed by private defined benefit schemes by a factor of five to one.5 We’re also seeing participation inequalities with savings rates lower for women, ethnic minorities and low earners.6 At an individual level savings rates are still too low for many While auto-enrolment, combined with the new State Pension, makes sure that more people than before are making provisions for later life, the Pensions and Lifetime Savings Association (PLSA) argues that contributions at the minimum rate are insufficient to provide an adequate income in retirement, with voluntary pension saving rates above the statutory minimum failing to materialise. Average total contributions made in to defined contribution and auto-enrolment workplace pension schemes are being dwarfed by private defined benefit schemes by a factor of five to one.5 We’re also seeing participation inequalities with savings rates lower for women, ethnic minorities and low earners.6 - As a result of autoenrolment, there has been an increase in total savings via workplace pensions Total annual savings for eligible savers i creas d to £105.9 billion in 2020. This means there was £28 billion more save into workpl ce pensions in 2020 compared with 2012.3 Targets set by the Pensions Commission are being met and there has been an increase in women, lower earne s and younge people being enrolled in a pension. Positively, the number of people opting out has been lower than expected, around 1 in 10 people are opting-out within one month of being autoenrolled.4 + 10 A decade of auto-enrolment: has it helped or hindered saving psychology?
Auto-enrolment and its relationship to financial wellbeing Last year we carried out research looking at how people think about money and its relationship to their financial wellbeing. This research found that we all need a combination of money building blocks and mindset building blocks to build positive financial wellbeing. This means in order to achieve optimal levels of financial wellbeing, regardless of income level, financial commitments or life stage, it is crucial to have a focused and well considered mindset too. Money Building Blocks – paying for what makes us happy, now and in the future Building block What it means Why it matters Income Covering costs of living and things that make us happy here and now. About 3 in 10 of us have less than £50 left at the end of the month. Long-term savings Covering the costs of living, our future goals and things that will make us happy in the future. Half of the UK aren’t saving enough to afford a comfortable retirement come State Pension age. A strong safety net Ideally a minimum of three months of our income in an easy access savings account. 27% of people could only live off their cash savings for less than a month if they lost their jobs. Debt Keeping debts at a level our income can comfortably pay for while leaving enough to live. Debt can be managed and repaid with some long-term planning but 11% of people owe ‘too much’ debt in relation to their income. Assets Owning property and other fixed assets can build financial security into our lives. People still renting when they retire have much less spare cash than those who own their home. A decade of auto-enrolment: has it helped or hindered saving psychology? 11
Mindset Building Blocks – paying attention to things that matter to us Building block What it means Why it matters Happiness Experiencing equal amounts of joy and purpose everyday. Only 1 in 5 people are very aware of the day-to-day experiences that give them joy and purpose in life. Future self A firm picture of where we want to be in the future can help us get there. Just 1 in 3 of us has a concrete vision of the things and experiences our future self might want. Written plans People who write out a financial plan save more regularly and do better financially. Only 18% of us have a plan to achieve our long term money goals. Social comparisons Our financial wellbeing can be changed by how we compare ourselves to others. Regardless of how much we earn and have, we’re more likely to compare ourselves to those who’re better off. Long-term perspective Bad news can make us panic and make bad investment decisions – particularly given the current economic climate. 1 in 5 of those asked feel nervous when markets and their investments fall in value – with some of them are reacting in ways they might later regret. 12 A decade of auto-enrolment: has it helped or hindered saving psychology?
Awareness remains low with many people simply not aware that they are saving into a workplace pension or are receiving an employer pension contribution. Understanding remains low and even if individuals are aware, they don’t know what to do about it. Auto-enrolment may have had some (small) impact on mindset and saving psychology, but there’s a long way to go. We know financial wellbeing can be impacted by how we compare ourselves to others, with these top five things most likely to be used as a point of comparison against a person’s peer group: 1. How content they are with their lives 2. Good work/life balance 3. The type of property they live in 4. Amount of time spent with family and friends 5. The type of holidays they take A decade of auto-enrolment: has it helped or hindered saving psychology? 13
We set out to discover what impact auto-enrolment has had on pension savings, and to what extent it has helped or hindered saving psychology We found that overall auto-enrolment has had a mixed impact on people’s mindset and savings psychology. are more keen to save following the introduction of auto-enrolment said that they take a more active role in considering their future and whether they are saving enough for retirement as a result of being auto-enrolled said that they feel more positive about retirement since being auto-enrolled say they pay less attention to their pension savings because it happens automatically said it had no impact on their savings habits saying they feel that saving for the future is important 39% 45% 56% 50% 47% 76% 14 A decade of auto-enrolment: has it helped or hindered saving psychology?
We know financial wellbeing can be impacted by how we compare ourselves to others, with these top five things most likely to be used as a point of comparison against a person’s peer group: How content they are with their lives Good work/life balance The type of property they live in Amount of time spent with family and friends The type of holidays they take agree that having some savings in a pension gives then a better feeling of financial wellbeing said they see paying into a pension as a positive thing are less inclined to take any action because it’s taken care of for them overall grudge paying into a pension Awareness remains low with many people simply not aware that they are saving into a workplace pension or are receiving an employer pension contribution. Understanding remains low and even if individuals are aware, they don’t know what to do about it. Auto-enrolment may have had some (small) impact on mindset and saving psychology, but there’s a long way to go. 78% 48% 75% 13% A decade of auto-enrolment: has it helped or hindered saving psychology? 15
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Future planning When it comes to planning for the future, there is a general lack of understanding about how much money is needed in retirement. Just over half said that they have an idea of how much they need to be saving into a pension to meet their retirement goals Roughly three quarters consider their pension as part of their long-term plan 55+ 18-34 year olds Nearly half would like more guidance on how much they or their employer would need to save or contribute to achieve their retirement income goal of those auto-enrolled in a workplace pension feel that a pension makes them feel better protected and more resilient to later life events Those in the older age bracket and closer to retirement are more likely to agree with this compared to the younger age group know exactly what they contribute into their workplace pensions 44% have a rough idea of what they contribute into their workplace pension 27% 81% 67% have no idea of what they contribute to their workplace pension 29% 78% Attitudes towards financial security 18 A decade of auto-enrolment: has it helped or hindered saving psychology?
are confident that they will have saved enough for retirement Women (52%) and 35–54 year olds (53%) are most worried about this 52% 47% are worried that they won’t have enough money when they retire Financial confidence • Higher for those aged 18-34 years old – 62% • Women are less confident than men – 45% vs 58% • Those who have a financial adviser are more confident • 81% who have an adviser said they are confident they will have enough set aside for retirement compared to 44% who have not had financial advice Overall, it seems that for many people, being automatically enrolled in a pension hasn’t had a significant impact on their thinking about and planning for the future. For some, it might actually delay thinking about the future if they believe that by being auto-enrolled their pension has been taken care of and is one less thing to think about. A decade of auto-enrolment: has it helped or hindered saving psychology? 19
The gender gap There’s a gender gap when it comes to the value of women’s pension pots compared to men. At age 65, women’s pension savings are typically at 20% of an equivalent man’s pension.7 While auto-enrolment has been successful in increasing participation among women, there are groups of women still excluded from auto-enrolment because of their low earnings and/or part-time work including those with multiple part-time jobs.8 The gender pay gap in the UK is still around 15%.9 Over time this pay gap contributes to a significant difference in the value of accrued retirement savings. • Men benefit more from pension tax relief, accounting for 71% of total relief claimed due to higher earnings on average.10 • At retirement men’s pension wealth is as much as double that of women, (£130,000 versus £260,000) but the differences in accrued wealth are also evident at much younger ages.11 • The impact of this difference in accrued pension wealth is exacerbated by the fact that women typically live longer and so have to fund a longer period in retirement. • Our research shows that while equal proportions of men and women agreed that saving for the future was important, more women (52%) than men (44%) were worried that they would not have enough money when they retire. Despite being more likely to be concerned, fewer women (48%) than men (63%) said they were taking a more active role in considering their future and whether they are saving enough for retirement. While auto-enrolment has increased the number of women in pension schemes, there’s still work to be done to extend access to pension saving among women A decade of auto-enrolment: has it helped or hindered saving psychology? 21
The squeezed middle – Generation X (1965-1980) Generation X are the cohort after the Baby Boomers. Born between 1965 and 1980, they’re now aged between 42 and 57 and are referred to as the ‘Squeezed Generation’ who are likely to still be funding children either of school age or young adults, and have caring responsibilities for older parents or relatives. • Pension saving among 35-54 year olds (our data closest to Gen X) has risen to 73% under auto-enrolment however this varies in line with earnings and is highest at more than 90% among those earning £70-99k but less than 60% of those earning £10-15k are in pension schemes.12 • While many in this group would like to save more for their retirement, Gen X have faced a number of barriers to doing so including wage stagnation, insecure employment or income, combined with house price and rent inflation. • 57% reported that they would like to save more but are struggling to do so. Other financial barriers identified are prioritising debt and having too many other priorities including the cost of childcare and supporting adult children. • When asked about their attitude to savings in general, 37% said they are more keen to save generally since being auto-enrolled. However, when asked how this had influenced their attitude to pension saving. 38% reported that auto-enrolment had had no impact on their attitude to pension saving. Lastly, 30% had not thought about their retirement much or at all and only 11% felt that they were more aware of how much they needed to save to fund retirement. This squeezed generation needs increased support to prepare better for retirement. More could be done in terms of tailored guidance and information and how this is accessed to help disadvantaged groups in this age cohort to better understand how much they need to save and the options available to them. 22 A decade of auto-enrolment: has it helped or hindered saving psychology?
Impact on the younger age group – Generation Y and Z Since being auto-enrolled, 18-34 year olds are more likely than older age groups to: • Have an increased interest in saving for retirement – 51% vs 49% overall • Take a more active role in considering their future and whether they are saving enough for retirement – 62% vs 56% overall • Feel confident that they will have saved enough to fund the lifestyle they would like in retirement – 62% vs 52% overall • Yet, 56% say they pay less attention because it happens automatically, compared to 45% overall • 52% are less inclined to take any action because it’s taken care of for them, compared to 48% overall • 48% feel more positive about retirement, compared to 47% overall • 22% grudge paying into a pension There’s a need to build greater engagement among younger age groups through education and support, underpinned by more personalised guidance. Reaching this group at the earlier stages of their pension journey will help more of them make informed decisions in order to benefit from their pension savings. Groups of workers who don’t qualify for auto-enrolment There are concerns that some groups of people are being left behind as not all workers qualify for auto-enrolment. Alongside the 10 million that have been auto-enrolled into a pension are a further 10 million workers who are still not in a workplace pension scheme. These employees are mostly women, younger workers, and a growing segment of gig economy workers (estimated to be around 5 million).13 A decade of auto-enrolment: has it helped or hindered saving psychology? 23
Auto-enrolment uses the power of inertia, or going with the flow, by removing the need for individuals to make an active decision. By automatically opting employees into a pension scheme they are nudged into pension saving at a determined default minimum rate. Auto-enrolment has achieved the success of high participation because it works with inertia. As a result of auto-enrolment saving into a workplace pension has become normalised. Research for the Department for Work and Pensions shows that 81% of eligible employees surveyed in 2019 agreed that saving into a workplace pension is the normal thing to do if you work for an employer. A bias towards the status quo has also ensured that opt-outs have remained low. Even when the statutory contribution levels increased, opt-outs were largely unaffected. Some have questioned whether the assumption that the majority of people will avoid making an active decision is too strong, suggesting it may be in the interests of some people, particularly those less financially secure, to opt-out.15 Participation rates of the least financially secure are the same as the most financially secure. While assuming that people will ‘go with the flow’ has been paramount to high pension participation and low opt-outs, it is also holding further saving back. This is because the power of inertia affects other decisions when it comes to pension savings, including whether to increase contributions or not. As such, auto-enrolment has not significantly engaged people in voluntary pension saving. A decade of auto-enrolment: has it helped or hindered saving psychology? 25
Inertia has helped participation overall, but hindered voluntary engagement Inertia is only part of the explanation for low engagement Both industry and policymakers acknowledge the need to increase active engagement in pensions, but what is meant by engagement is not fully defined. It’s helpful to look at the field of consumer behaviour research where there has been a considerable focus on understanding consumer engagement in the last decade – including a focus on how to conceptualise, define and measure engagement. In driving engagement, it’s useful to consider what type(s) of engagement we want to see and what actions or interventions may be needed. Our research identifies the need for a framework to define what engagement means when it comes to encouraging people to be aware of their pension saving and how much they’ll need to fund later life. This framework would enable individuals, organisation, industry and government to monitor and measure pension engagement success. Key drivers of auto-enrolment engagement are earning more money and access to financial advice • Those with a financial adviser are paying more than the statutory minimum auto-enrolment contribution. 73% of those with a financial adviser compared to 35% without a financial adviser. These two factors are likely to be related. • 45% say they pay less attention to their savings after being auto-enrolled because it happens by default. This rises to 56% among 18-34 year olds. 26 A decade of auto-enrolment: has it helped or hindered saving psychology?
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How do we define pension engagement? Cognitive engagement Interventions and actions aimed at improving and increasing awareness and understanding of pensions and options available. Such as, awareness campaigns, better information, education, and more personalised guidance on which individuals can make informed choices. There’s a role for the government, pension providers and employers in increasing cognitive engagement. Affective engagement Interventions and actions aimed at increasing interest and motivation in saving for retirement and increasing the importance of longer-term saving. Also, interventions to help people think about their future in a more positive way, thus reducing anxiety and worry about retirement. Behavioural engagement Interventions and actions aimed at encouraging individuals to take action. This could be keeping themselves informed, regularly checking pension statements and performance, remaining an active saver, attending information sessions and increasing contributions. Cognitive engagement Improved and increased awareness and understanding of pension saving and options available. since being auto-enrolled, 44% say they understand pensions better know exactly how much they contribute to their pension would like more guidance on how much they would need to save to achieve their retirement goals say they are unaware that they receive tax relief on their pension contributions know how much their employer contributes into their workplace pension 44% 13% 44% 37% 48% 28 A decade of auto-enrolment: has it helped or hindered saving psychology?
Behavioural engagement A focus on taking actions and keeping informed and updated on pension saving and performance. This includes remaining in a workplace pension scheme and an increase in attendance at information sessions. It’s important to recognise the interrelationships between cognitive, affective and behavioural engagement. Relying on nudges or information alone will not drive voluntary behaviour. A combination of nudges, personalised information and guidance and tools to enable individuals to plan are necessary to overcome the inherent barriers to engagement. This also needs to be set within the wider context of the ecosystem and potential structural and other barriers to engagement. Read our white paper in full. Affective engagement Increased interest and motivation in saving for later life and increased emphasis on the importance of longer term saving. This has the potential to lead to lowered anxiety and worry about retirement. are more interested in saving for retirement since being auto-enrolled say they only check the amount saved in their pension once a year are worried they won’t have enough money when they retire said they actively keep a track of any previous pensions feel saving for the future is important of individuals wait to receive an annual benefit statement in order to get an update on the amount saved in their pension agree they want to make sure they can keep doing the things they enjoy in retirement of those with multiple pension pots said it will be useful to see all pension savings and investments in one place 49% 76% 47% 84% 24% 31% 53% 77% A decade of auto-enrolment: has it helped or hindered saving psychology? 29
Has auto-enrolment helped or hindered saving psychology? Since auto-enrolment came into effect in 2012, a high number of eligible employees have been enrolled into a workplace pension, including many younger workers, lower earners and women. The Covid-19 pandemic had a negligible impact on participation rates, largely due to government support and the furlough scheme. The current cost of living crisis, though, poses a more serious threat to both short- and long-term saving that needs to be taken into consideration. Inertia has been paramount to high participation and also explains why opt-outs have remained low, but this idea of going with the flow can be a double-edged sword. High participation does not necessarily lead to engaged, competent savers. Participation is largely passive. Many are saving at the default contribution rate and are not making the voluntary saving that is needed to deliver an adequate income in retirement. Simply by being automatically enrolled in a pension, many people think that their pension has been taken care of and are less actively engaged than those who made a voluntary decision to join a pension. Default contribution rates are decidedly sticky and have a significant impact on saving psychology, encouraging people to maintain the status quo. Indeed, many believe that the default rate is the recommended rate and assume it is sufficient. Awareness and understanding of pensions remain low. Many pension savers do not know whether they are saving enough, or indeed what enough is. Many also struggle with thinking about and planning for the long-term, and with thinking about the future life they want to achieve. The recently launched Pension Attention campaign aims to raise awareness and interest in pensions and help people connect with their pension. This is an important first step, but plans also need to be put in place to build on this. Engagement is a process and, depending where people are on their pension journey, may take time to bring about changes in behaviour. Pension Dashboards, due to be launched in 2023, are a welcome development and should help people to find their pension information more easily. But information alone is not enough. People need to understand the information and know how to act on it. Information without guidance could simply confuse or worse demotivate people from taking action when they need to. People also need to be nudged to engage with the information and consider taking informed decisions. It is also important to recognise that people are at different stages of their pension journey. A one-size-fits-all approach will not work for everyone, and developments need to be sensitive to the different context and needs of pension savers, combining flexibility with tailored solutions, information and guidance. It is widely recognised that there is a problem with engagement, but what is meant by engagement is not fully defined. Engagement is multi-dimensional comprising cognitive (understanding), affective (emotional) and behavioural (action) dimensions. All of these need to be addressed to develop empowered and engaged pension savers. To move beyond participation to developing competent savers requires a whole ecosystem approach involving government and policy, providers and employers. It will require a combination of policy developments, nudges, personalised information and guidance and tools working together to build competence. A decade of auto-enrolment: has it helped or hindered saving psychology? 31
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Recommendations To build on the success of auto-enrolment, a combination of nudges, structural changes and improved engagement are required. Our white paper includes a set of recommendations for government and policy, employers, and providers that aim to build on the success to date of auto-enrolment. Taken together, these recommendations, if implemented, could further expand pension participation and increase pension saving. This could result in more households achieving a better retirement income. We want to see a move beyond solely looking at the number of workers who are a member of a workplace pension scheme as a marker of success. In addition, we would like to move towards a landscape where individuals are actively engaged in making decisions about their pension saving and planning for later life. Our research shows that more people are saving now compared to before the introduction of auto-enrolment. But they are doing so without making conscious and active saving decisions – and are simply following the status quo. So, while auto-enrolment has helped many more people than before, our overarching vision for the policy is to equip people to not be just be savers, but competent savers. 34 A decade of auto-enrolment: has it helped or hindered saving psychology?
For government and policy; Within the next two years: • Urgently put in place a timeline to implement key proposals outlined in the 2017 automatic enrolment review. • Remove the upper age limit (currently State Pension age) for those saving through automatic enrolment. Within the next decade: • There needs to be greater flexibility to save through automatic enrolment to empower workers to make active decisions towards saving for retirement. • Decoupling of employee and employer contributions for lower earners. • Support the majority of households to achieve better retirement outcomes. • Empower pension providers to give more personalised support to pension savers. • A collaborative approach between government, regulators, pension industry and employers to shift people’s mindsets and increase pension awareness and public understanding of pensions. • An increased focus on the role and expectations of employers. For Employers: • Greater and broader focus on awareness raising, increasing general understanding and provision of information and guidance on planning for later life enabling workers to make more informed decisions. • Implementing measures to encourage employees to increase their short-term and long-term savings. For providers: • To play a key role in making it straightforward for savers to access information. • Adopt a targeted and timely approach to communications. A decade of auto-enrolment: has it helped or hindered saving psychology? 35
aegon.co.uk @aegonuk Aegon UK Aegon UK Aegon is a brand name of Scottish Equitable plc (No. SC144517) and Aegon Investment Solutions Ltd (No. SC394519) registered in Scotland, registered office: Edinburgh Park, Edinburgh, EH12 9SE. Both are Aegon companies. Scottish Equitable plc is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Aegon Investment Solutions Ltd is authorised and regulated by the Financial Conduct Authority. Their Financial Services Register numbers are 165548 and 543123 respectively. © 2022 Aegon UK plc. CORP393937 12/22 Methodology Unless otherwise stated, all research and figures referred to are based on a survey of pension attitudes and behaviour carried out by Opinium between 30 June to 4 July 2022 on behalf of Aegon, weighted to be nationally representative among a sample of 2,000 UK adults. Financial wellbeing findings are based on research conducted with 10,021 UK residents. The research was carried out online by Aegon’s Centre for Behavioural Research in August and September 2021. The study was nationally representative in terms of location, age and gender. References 1 The Pensions Act, 2008. Data source, legislation.gov.uk. Published November 2008 2 Automatic Enrolment evaluation report 2019 Page 4. Data source, Department for Work and Pensions. Published February 2020 3 Workplace pension participation and savings trends: 2009 -2020 Table 3.1: amount saved. Data source, Department for Work and Pensions. Published September 2021 4 Automatic Enrolment evaluation report 2019 Page 57. Data source, Department for Work and Pensions. Published February 2020 5 Automatic Enrolment: What will the next decade bring? Page 3. Data source, Association of British Insurers. Published June 2022 6 UK Onward report: Levelling up pensions to boost savings Page 4. Data source, UK Onward think tank. Published January 2022 Measuring-the-ethnicity-pensions-gap.pdf (thepeoplespension.co.uk) Data source, thepeoplespension.co.uk. Published January 2020 2022 WOMEN & RETIREMENT REPORT (scottishwidows.co.uk) Data source, Scottish Widows. Published October 2022 7 Getting retirement right: Plan, prepare, enjoy Page 11. Data source, The Investing and Saving Alliance. Published June 2020 8 Hansard Pension Gender Gap Debate House of Lords Data source, UK Parliament. Published July 2021 9 Gender pay gap in the UK: 2021 Data source, Office for National Statistics. Published October 2021 10 Automatic Enrolment: What will the next decade bring? Page 8. Data source, Association of British Insurers. Published June 2022 11 Pension wealth in Great Britain Data source, Office for National Statistics. Published December 2019 12 ILC (2021) Slipping Between the Cracks? Retirement Income prospect for Generation X Page 18. Data source, The International Longevity Centre. Published March 2021 13 Getting retirement right: Plan, prepare, enjoy Page 43. Data source, The Investing and Saving Alliance. Published June 2020 14 Getting retirement right: Plan, prepare, enjoy Page 42. Data source, The Investing and Saving Alliance. Published June 2020