Research reveals the importance of pensions provision as an employee engagement tool.
Scottish Widows’ Workplace Pension Report found that over two fifths (44%) of employees say the quality of the company pensions scheme is important when looking at potential employers.
Furthermore, 63% of employees stated that they would be less likely to look for a new job should their employer increase their pensions contributions.
The survey found that although a majority of employees are reliant on their company pension as their main source of retirement income, 42% of respondents with a defined contribution (DC) scheme did not know how much their employer actually contributed.
The report also demonstrates the importance of financial education, as 40% of respondents felt employers should offer full financial advice if they provide access to a pension, and 55% would like some kind of general information.
Ann Flynn, head of marketing communications, workplace pensions, Scottish Widows, said: “As the face of UK workplace pension provision continues to change, it is important for employers to engage with their employees to help their understanding of the benefits available to them as the individual has to take responsibility and make the correct decisions about their short, medium and long term financial planning needs.”
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