Doug Taylor, financial services chief advocate at Which?, talks to Clare Bettelley, associate editor of Employee Benefits, about how employers can better engage employees to save for their retirement.
Taylor explains how employers need to “start from where the individuals are” when encouraging them to save, as well as creating the opportunity to save for a pension.
Importantly, employers need to keep an eye on charges to ensure staff get value for their pension fund investments.
“If people can work out how much they would like to retire on, understand what they are likely to retire on, and know what they can do about the gap – if those three things can be addressed, that would be an advance,” says Taylor.
