A majority (81%) of UK employers said they are supporting employees to understand and manage their pension savings during employment and into retirement, according to new data from Barnett Waddingham.
The pensions, investment, and insurance consultancy, which is part of Howden, surveyed 500 UK senior HR professionals, business owners, and chief executive officers or chief operating officers. At least 350 of the respondents hold roles such as chief people officers, HR non-directors and HR directors.
When asked what organisations were providing in terms of employee benefits, 77% of respondents said they were paying pension contributions for employees taking parental leave, and 72% said they were paying pension contributions for employees below the automatic enrolment earnings base limit, which is £10,000.
Three-quarters (75%) said they offer private medical insurance and 71% provide critical illness cover and income protection.
A total of 69% provide life insurance, 63% offer a paid sabbatical and 58% have private dental insurance.
Julia Turney, partner and head of platform and benefits at Barnett Waddingham, said: “It’s clear the past year has made employers realise that pension provision beyond the bare minimum has become a vital part of a well-rounded employee value proposition, elevating it from a compliance task to a strategic priority. Ever persistent long-term sickness is also continuing to leave its mark, as critical illness cover and private medical insurance remain priority benefits to support employees’ wellbeing. Employers already investing in their people will be better positioned to maintain a workforce that is not only productive, but engaged and resilient.
“In this environment, the key for employers now is optimisation. With budgets under pressure and hiring constrained, many organisations won’t have the scope to simply increase benefits across the board. This is where robust data collection and analysis becomes invaluable, enabling employers to fine-tune benefits strategies that genuinely meet workforce needs, while controlling costs, boosting productivity and supporting employee wellbeing. Ultimately, it’s about protecting the future of both the workforce and the business.”
