Employers seeking help in supporting their staff with their pension savings
The vast majority (95%) of UK employers feel they have a responsibility to help their employees engage with their workplace pension, according to research from Aegon UK – however they are feeling held back from this by time and money constraints.
With over a quarter (27%) of employers citing shortage of time as an issue when trying to support employees, and one in five (23%) being prohibited by costs of monitoring and training, companies are calling for the aid of digital tools.
Nearly two fifths (39%) of employers believe that interactive digital tools would be the most effective approach to improving pension engagement in the workplace, while 22% would like more onsite training by financial advisers.
With so many UK employers feeling a duty of care towards their staff when it comes to engagement with pensions, this support is now invaluable.
Angela Seymour-Jackson, managing director of Workplace Solutions at Aegon UK, said: “Now in our third year of auto-enrolment, it’s reassuring to see nearly all businesses taking their role to offer proper employee support alongside a company pension seriously. However, it’s clear that not all are in a place to dedicate the time and resources needed to get their workforce ready for retirement. It’s vital that employers are properly armed to overcome the saving inertia associated with auto-enrolment.
“Many employers feel digital solutions are the answer, alongside greater training and support from advisers, consultants and their pension provider. Individual guidance and coaching for employees can also be a great way to educate them about their retirement income. Everyone in the sector has a part to play; only now, it’s the businesses themselves that have the power to drive real change.”