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SME employees lack pensions

A study by Scottish Widows has found that workers within small businesses, such as painters and decorators, are much less likely to have a pension.

The report has found that only one in ten employees working for a small company and earning between £10,000 and £30,000 have a pension with their employer. Over half of those without a pension say they it's because they don't have enough spare money to invest in one.

Even with automatic employer pension enrolments starting next year, three quarters of people who said they would like to start a pension under the new scheme expect to contribute less than they would be required to.

Commenting on the findings, Pete Glancy, Head of Corporate Pension Propositions at Scottish Widows, said: "It is clear that there is a gap in financial education about pensions and other benefits in the workplace."

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