Over the past three years, it is estimated that a staggering £535 million of pension contributions have been lost as a result of savers opting out of auto enrolment.
With re-enrolment beginning, employees who might not have felt in a position to save when auto enrolled initially have an opportunity to think again.
Calculations suggest that over the course of three years, somebody earning £26,500 would have lost out on around £1,247 of contributions, £624 of which would have been contributed by their employer – enough for an all inclusive holiday for two to Spain.
For those earning £40,000 this figure jumps to £2,062 of which £1,031 would have been contributed by their employer.
To encourage people to think twice before opting out, NOW: Pensions went undercover in a fried chicken shop with some interesting results, click here to view.