EXCLUSIVE: The majority of respondents recognise the importance of sharing pensions information with their staff, with three in four (75%) having undertaken a communication exercise in the last year, according to research by Employee Benefits and Barnett Waddingham.
The report, Employee Benefits/Barnett Waddingham pensions research 2018, which was published in December 2018 and analysed 246 responses, noted that this is considerably higher than the 58% who said the same in 2017, and but only a marginal increase on 73% in 2016.
Almost a fifth (18%) have conducted a pensions communications exercise within the last one to three years, while 3% did so four or more years ago. Just 5% have never undertaken pensions communications.
Among those who have not conducted pensions communications exercises within the last five years, or at all, budget does not appear to be a restraining factor.
Instead, for a third (33%) of respondents, there are simply other, more pressing, business objectives that have taken precedence.
Alternatively, 17% do not believe there is a need for, or benefit to, communicating about pensions, while the same percentage say they lack the resources to do so.
The reasons stated for not providing communications have remained relatively steady, year on year, but a particularly notable change is that the proportion of respondents who stated that they did not feel this was their responsibility has dropped from 10% in 2017 to 0% in this round of research.
Download the full Employee Benefits/Barnett Waddingham pensions research 2018 report