- Monday, 23 November 2009The number of people entering into
individual voluntary agreements (IVAs) could rise as a result of the low proportion of employees adopting company pension policies.
According to figures from the Chartered Institute of Personnel and Development and Black Rock, despite widespread concern over future financial security only 55 per cent of people are members of their firm's pension scheme.
Jason Collis, workplace team technical advisor at the Pensions Advisory Service, said that in spite of surrounding conditions necessitating increased pension concern, the UK public was not reacting accordingly.
He commented: "It has become a harder battle to convince people that they should be saving for their retirement, even though it is becoming a bigger issue as people are living longer and more workplace pensions at the moment are closing."
Failure to adopt a pension scheme could result in people struggling finically and coming to rely on bankruptcy-avoiding measures such as IVAs.
The CIPD revealed that 56 per cent of people are concerned that they will not have enough to live on in the future.
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