Three-fifths of European employees want additional pensions advice from employers

pension

Almost three-fifths (58%) of employees across Europe showed high or very high interest in accessing professional advice on managing their pensions via their employer, according to research from Alight Solutions.

The Retirement perception index, undertaken in partnership with the University of Granada, was carried out among 2,400 employees in businesses across multiple sectors in the UK, Germany, France, Italy, Spain and the Netherlands, exploring employees’ awareness, confidence and interest in their national pension system, and their interest in additional support from employers.

The majority of respondents (69%) expressed high or very high interest in working for employers that offered additional contributions to a pension plan beyond their standard compensation.

More than a quarter (27%) employees across Europe had little confidence that they would receive a state pension when they retire, while two-thirds said it will not be enough to sustain their current standard of living.

The lack of confidence in receiving state pensions was highest in Italy (38%), followed by Germany (32%), Spain (30%), the UK (25%) and France (24%).

Among UK respondents, almost 50% had high or very high confidence in receiving a state pension at retirement, but 44% said that their pension would not allow them to maintain a satisfactory standard of living.

Luca Saracino, international growth leader at Alight International, said: “Our economic landscape and workforces are constantly changing, and so should our approach in providing a modern employee experience that covers all needs. As our population ages, employers cannot do without a defined benefit plan that spotlights pension support. It goes a long way in helping workers save time and money, invest, and plan smarter.

“Design the right, inclusive policies and provide updated information and savvy tools that gives your people the confidence to retire. Such initiatives will not only attract and retain talent, but also reinforce the importance of retirement planning.”