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German SME interest in occupational pensions at 'all-time high'

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  • German SME interest in occupational pensions at 'all-time high'

GERMANY - Demand for occupational pension schemes is growing among Germans working in small and medium-sized enterprises (SMEs), and the coverage of employees has now reached more than one-third, according to a YouGovPsychonomics survey.

In 2004, less than 15% of respondents said they had any interest in occupational pensions, but that number has now grown to more than 25% among 1,000 employees and 500 SMEs.

At the same time, far fewer respondents said they had no interest in the topic whatsoever. Their share fell from 58% to 45%.

According to the YouGovPsychonomics, 32% of respondents have already joined a company pension scheme, up from one in five in 2004.

This figure is well under the latest statistical estimates of more than 50% as the YouGovPsychonomics survey only covers SMEs.

The authors of the study noted that mainly under 30 year olds lacked coverage in company pension schemes.

They also said 30 year olds were the most ignorant age group of the subject, with 23% not even knowing whether they company they worked for offered a pension.

In total, 48% of respondents said they felt they received too little information about occupational pensions from their employer.

However, since the last survey, this figure has come down from 66%.

Back in 2004, the majority of employees surveyed said their employer did not offer a pension scheme; that number has gone down to 42%.

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