21% are concerned about the performance of their workplace pension scheme

Folders with the label Retirement Plan and Pension

More than a fifth (21%) of respondents are concerned about how their workplace pension scheme has performed over the past two years, according to research by employee benefits organisation Portus Consulting.

Its survey of 1,043 UK employees also found that 27% of respondents would welcome guidance on retirement planning from their employer.

The research also found:

  • Around a quarter (26%) of respondents have access to guidance or advice on retirement planning at work.
  • 15% of respondents can access online retirement planning support through their employer.
  • 11% of respondents have one-to-one meetings with advisers on a regular basis.
  • A third (33%) of respondents would be willing to source and pay for independent financial advice.

Steve Watson, commercial director at Portus Consulting, said: “Action to tackle the UK’s problem with retirement saving, including workplace auto-enrolment, is definitely working with pension scheme membership at an all-time high.

“But the missing link is that employees are being left to their own devices and significant numbers are disappointed with pension savings, while others are being deterred from even starting to save.

“Employers can play a role in helping to provide guidance on long-term retirement planning but clearly need support in delivering it [because] the costs can deter employees as well as employers.”