Cash point

There’s no doubt that auto enrolment has been a huge success at getting more people putting money away for their older age. Ten million people are now saving into workplace pension schemes and receiving contributions from their boss.

However, the latest figures on attitudes to savings from the Office for National Statistics show a worrying lack of awareness and engagement.

Less than two-thirds of workers eligible to be automatically enrolled by their employer were actually aware that they were now saving into a pension. And of those who thought they had not been enrolled, nine in 10 actually had.

More needs to be done to ensure that workers take proper control and ensure they are putting enough away.

While legal minimum contributions are 5% of earnings – 3% from workers and 2% from bosses – this will be nowhere near enough for a comfortable retirement. Industry experts say it should be nearer 12%.

Some bosses are more generous than others and will match contributions up to a maximum amount. Check if that’s the case with your employer – and put away the maximum you can afford each month.