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People in graduate jobs should start thinking about pensions

Published: Monday, 31 January 2011   Category: All Graduate job news

People looking for graduate jobs should take note that it is never too early to begin planning for their retirement.

The last thing many people will be thinking about at the outset of their careers are their pensions.

However, new research from the Chartered Institute of Personnel and Development (CIPD) suggests that most employees would benefit from paying more attention to their retirement options, particularly with watershed reforms due to come into effect from 2012.

A survey by the organisation indicated that 56 per cent of employees worry that they are not saving enough for their retirement, while a similar proportion (54 per cent) are not enrolled in their workplace schemes.

Even among those private-sector employees who do belong to a company pension scheme, as many as 18 per cent had no idea how much their employer was contributing.

Charles Cotton, Reward Adviser, CIPD said: "Firms are facing a huge challenge in light of 2012 auto-enrolment.

"It is crucial that the government supports employers' efforts to communicate to employees the implications of these changes. If not, we will continue to sleepwalk into a pensions' crisis." 

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