More than half (61%) of employers are unaware of auto-enrolment for pension schemes, coming in as part of the 2012 pension reforms.
Research from Close Asset Management, which surveyed 2,000 UK employers, also found that nearly two-thirds (65%) of those unaware of the impending changes said they will be providing extra training to help their staff understand the implications of an auto-enrolment pension scheme.
Of those who are not providing any training on auto-enrolment, 40% of employers believe that their staff will already receive the information in another way, such as a brochure, so they will not need to provide anything extra.
A further 18% believe that employees already understand the issues. However, 14% confess that cost is the major barrier to providing this service.
Jeanette Makings, director of financial education services at Close Asset Management, said: “It is concerning to discover the low level of awareness around auto-enrolment, especially this far into the planning process and just round the corner from implementation.
“Employers will want to confirm how these changes will affect them and their employees, and they should act now to make sure they are prepared by 2012. Whenever there is a change to workplace legislation, there is a period of adjustment for both employer and employee.
“Workers are looking to their employers for advice and guidance, and the research shows that there is a real opportunity here for businesses to foster trust and engage with their staff.”
Read more articles on the 2012 pension reforms
