Exclusive: Most UK businesses failing to offer employees workplace pension support
Most British businesses do not offer their employees adequate support in understanding their workplace pension plans, according to the results of a survey shared exclusively with City PM
In a poll of 365 decision makers from financial services company Mintago, 60 per cent said they do not believe their businesses provide sufficient support to employees in understanding pensions.
At the same time, more than a third (36 per cent) simply automatically enroll their employees onto workplace pension plans without providing any further guidance, while almost half (48 per cent) said there is little internal discussion around pensions at their company.
Chieu Cao, CEO of Mintago, said: “The UK’s pension engagement gap is widening at a worrying rate, leaving many financially unprepared for retirement.”
“As such, simply providing an auto-enrolment pension scheme is not enough. Businesses must take on a more active role in increasing employee pension engagement.”
Meanwhile, only 43 per cent of companies regularly review and evaluate their employees’ benefits strategy, while only 35 per cent speak with employees about which perks and benefits best suit their needs.
“It is vital that organisations regularly review their benefits and workplace pension scheme to ensure they are meeting the needs of their employees,” Cao said.
“Simple steps such as speaking directly with employees regarding their preferred benefits and improving access to workplace pension information would be a strong start.”