Public largely unaware of pension auto-enrolment ahead of introduction [Video]

Credit unions have called for the government to raise awareness and understanding of the pension auto-enrolment (AE) scheme that is due to come into effect later this year, with recent figures showing that less than a fifth of people who will be eligible for the scheme are aware of it.

The Credit Union Development Association (CUDA), which works with 50 credit unions nationwide, wants a State-funded mechanism whereby people can avail of free education and advice on auto-enrolment and their possible choices around it.

CUDA proposes that credit unions could provide such guidance, and without a concerted effort to raise awareness, the group believes that the 750,000 set to be signed up to the scheme will view it as an unwelcome and unaffordable tax.

“Such a mechanism would be instrumental in explaining how employer and State contributions will significantly reduce the cost to workers of contributing to the scheme, which CUDA CEO Kevin Johnsonsaid would be “the biggest pension shake-up in …