The introduction of auto-enrolment in 2012 meant that more employees than ever have been saving for retirement without having to actively engage. Regardless, it is still generally accepted that the current minimum contribution levels will not create enough retirement income for the average person.
It therefore remains critical that employers work hard to engage with employees about their pensions.
Providing financial guidance and education will help employees throughout their career, encouraging them to look more holistically at their finances.
Although auto-enrolment appears to be a step in the right direction, it should not be left until only a month before your employees retire. Pensions do not need to be complicated if the right support is available throughout your employees’ career.
Find out more about engaging with your workforce about pensions.