Over three-quarters (76%) of pension savers expressed that they would consider opting for the new ‘pot for life’ model, with just 5% of savers stating that they would not be interested in having their own pension into which employers can pay contributions, PensionBee has found.

Chancellor, Jeremy Hunt, announced yesterday in the Autumn Statement that the Government were to launch plans to offer employees a choice on their workplace pension, in what some industry experts have suggested could represent a "ground-breaking" shift for the pensions industry.

In a survey of 1,000 UK pension holders, it was found that of those who were considering the new proposal, the most popular reason for support included it being "more convenient" (55%) and that it is an "easier concept to understand" compared to the current system (48%).

Other responses included that being "able to choose my provider from a fee perspective" (30%), "a long-term relationship with one provider might make me feel more engaged with my pension" (30%) and "I like that I would be able to choose my provider from an investment choice perspective" (24%).

Director of public affairs at PensionBee, Becky O’Connor, said: "The Chancellor’s announcement of a consultation on allowing savers to choose their own pension into which employers can pay is a welcome step.

"Our research suggests this could be met with strong support from workers. Careers are becoming more complicated. People can have several jobs throughout their lifetime, or go self-employed for a time and then go back to employment. They might consolidate old pensions, then continue to build new ones through subsequent work and want to have these contributions paid into their personal pension, but may find their employer might not yet allow it.

"This simple change could give those who want to build their own pension and have the convenience of having an employer pay straight into it the opportunity to do so."

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