Employers should try to help employees understand the benefits of being in a pension scheme or employeeshare plan through regular, targeted communications, said Kevin O’Boyle (pictured), head of pensions at BT Group, in an interview with Tynan Barton, features editor at Employee Benefits.
“There is an awful lot of inertia,” he added. “People say they don’t have enough spare money or whatever reason. Continually nagging helps to get them there.”
BT Group has roughly 73,000 employees in the UK. Around 60% are members of its sharesave plan and around 30% participate in its share incentive plan.
Only 500 staff were not members of its pension scheme in 2013.
O’Boyle added: “BT was formed through privatisation, so share plans have always been a key part of the employment package at BT, and pensions are significant too.”