Just over a quarter (26%) of respondents do not provide employees with any information, advice or guidance about pensions, according to research by The National Skills Academy for Financial Services (NSAFS) in partnership with Axa Investment Managers (Axa IM).
However, the survey of 100 employers also found that 73% of respondents believe that educating their staff about pensions is important and that it is an essential element of the support that they provide to employees.
The research also found:
- Over half (56%) of respondents spend a maximum of one day a month on pensions-related administration and support to staff.
- 76% believe overall responsibility for educating the UK population on retirement and pensions falls to employers.
- Of those respondents who do offer their staff support or guidance about pensions, 53% provide a face-to-face meeting with a representative from their organisation.
- 60% of respondents who offer pensions support to staff do not provide online resources, and almost two-thirds (65%) do not introduce employees to a financial adviser.
Stephanie Condra (pictured), retirement market strategist at Axa Investment Management, said: “It is clear from our findings that employers want to take a more active role in supporting their staff as they prepare for retirement. Furthermore, as auto-enrolment comes into force employers recognise that they need to do more to make sure their employees understand their workplace pension scheme.”
Sylvia Perrins, chief executive officer at The National Skills Academy for Financial Services (NSAFS), added: “It is vital that employees understand their pensions options and, as recognised by 76% of employers, employers themselves have a responsibility to ensure their staff are well-informed. One would hope that employees who feel knowledgeable about their financial position tend to be more productive in the workplace.”
