Salary Sacrifice Pensions - YouGov Findings - Workplace Pensions Direct
Salary Sacrifice Pensions - YouGov Findings - Workplace Pensions Direct

Salary Sacrifice Pensions

YouGov: The Findings

The Research

Did you know that the ticking time bomb associated with inadequate retirement provisioning is so severe, it should be viewed as the financial equivalent of climate change? However, employers can better support colleagues with their retirement savings, and it needn’t cost a penny.

So why aren’t more organisations doing it?

Workplace Pensions Direct (WPD) recently delved into this topic, as part of a research project conducted with YouGov. And here are our key findings…

yougov

The Questions

What did we ask?
 
Q1. For the following question, by “salary sacrifice”, we mean an agreement for you, as the employer, to pay pension contributions in return for the employee taking a contractual reduction in earnings. Does your organisation use salary sacrifice in connection with workplace pensions?
 
Q2. You previously said that your organisation doesn’t use salary sacrifice in connection with workplace pensions… Which, if any, of the following are your reasons for this? (Please select all that apply)
 
Q3. You previously said that your organisation use salary sacrifice in connection with workplace pensions… Which, if either, of the following is your MAIN reason for this?

Q1.

For the following question, by “salary sacrifice”, we mean an agreement for you, as the employer, to pay pension contributions in return for the employee taking a contractual reduction in earnings. Does your organisation use salary sacrifice in connection with workplace pensions?

Click to view

Q2.

You previously said that your organisation doesn’t use salary sacrifice in connection with workplace pensions… Which, if any, of the following are your reasons for this? (Please select all that apply)

No V1
Click to view

Q3.

You previously said that your organisation use salary sacrifice in connection with workplace pensions… Which, if either, of the following is your MAIN reason for this?

Yes V1
Click to view

Further analysis

We also delved deeper into the data to identify wider trends…

Region

How does your region rank when it comes to offering Salary Sacrifice Pensions. 

Region V1
Click to view

Industry Type

How does your sector rank when it comes to offering Salary Sacrifice Pensions. 

Work Industry V1
Click to view

Company age

Does the age of the company influence whether it offers Salary Sacrifice Pension?

Company Age V1
Click to view

Decision maker age

Does the age of the decision maker influence whether  a company offers Salary Sacrifice Pension?

Click to view

The Need for Change

These findings should act as a stark jumpstart for British businesses. To better understand the difference you could make within your company, have a read of our ultimate guide to rolling out a successful salary sacrifice scheme for pension contributions.

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 258 adults. Fieldwork was undertaken between 20th – 22nd April 2021. The survey was carried out online. The figures have been weighted and are representative of British business size.

Where more granular trends have been reported – relating to market sector, age of the company or age of the decision maker – the sample size is smaller (<50 respondents for this cross break). Such trends are therefore only observed and may not be statistically significant

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Assumptions: 2016/2017 tax year – £26,500 average pay – 15% average staff turnover. Available ongoing cost savings are from salary exchange, earnings definition, postponement for new starters, employee charges, employee lost investment return, and employer charges.

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