Just over half (58%) of respondents have carried out a pensions communication exercise within the last year, according to research by Employee Benefits and Nest.
Employee Benefits/Nest Pension Research 2017, which surveyed 254 employees, found that Pension communications are high on the agenda for many employers, however, pension communication exercises were not as popular as they had been in 2016, which saw almost three quarters (74%) of employers offering the same.
However, the report found that a further 30% have undertaken a pensions communication exercise in the last one to three years, and only 9% have never conducted a pensions communication exercise. This compares with 18% and 7% respectively that said the same in 2016.
Among those respondents that have engaged with pensions communication within the last five years, 86% have done so with all employees, up from 80% in 2016. A significantly smaller percentage of respondents have targeted their communication exercise to staff who opted out of the workplace pension scheme post auto-enrolment (4%), to employees who are members of their defined contribution (DC) pension scheme (6%), or to both DC scheme and defined benefit (DB) pension scheme members (2%).
When respondents’ organisation last undertook a pensions communication exercise.
In the last year: 58%
1-3 years: 30%
4-5 years: 3%
5 or more years: 1%
They have never conducted a pensions communication exercise: 9%
Sample: All respondents (200)
The employees with whom the pensions communication exercise was conducted
All staff: 86%
All staff in the defined contributions (DC) scheme: 6%
Staff who have opted out post auto-enrolment: 4%
All staff in the defined benefit and DC schemes: 2%
Staff approaching retirement only: 1%
Other: 4%
Sample: All respondents who have conducted a pensions communication exercise (180)