Trust in pensions at all-time low The National Association of Pension Funds (NAPF) said that trust in the pensions system is so low that a third of workers plan to opt out of auto-enrolment when it starts later this year. The scheme, which launches in October, will oblige companies to launch workplace pensions for their staff. Joanne Segars, the NAPF's chief executive, said: "The weak economy and rollercoaster stock market may have put many off pensions, but there are also growing doubts about whether a pension is good value, and this needs addressing." In an annual survey, the NAPF found that 54 per cent of workers are not confident in pensions compared to other ways of saving. This compares to 37 per cent who said that they are confident. The resulting balance of minus 17 is the lowest level of confidence that the NAPF has found since the survey was launched in 2007. Confidence in the industry has been knocked by the hidden fees and bad annuity rates that pension companies hit retirees with. The Government's programme of pumping money into the economy - so-called quantitative easing (QE) - has also eroded trust because of the negative effect it has had on pensioners" incomes. This is because QE pushes down bond yields, which pension funds rely on for income. Steve Webb, the Pensions Minister, said: "We entirely agree that more needs to be done to boost confidence in pensions. We're working on plans to simplify the state pension - providing a firm foundation on which to save ahead of the introduction of automatic enrolment. And we've introduced NEST, a low charge, good value scheme that will be a real benefit to savers on a low income, alongside a range of other measures that will ensure good value for money. Workplace pensions are one of the few ways of saving that come with an employer contribution - a major advantage of saving in this way.