02 Apr 2024
New research undertaken by ‘My Pension Expert’ which surveyed 2,000 UK adults, indicates that 73% of respondents believe the minimum workplace contribution for employers should be raised. However, more than half of workers, 52%, admit to not doing any more pension planning beyond enrolling.
The results from the research are very clear in the employers play a massive part of any employees retirement planning and therefore they consider how they can support employees in the minefield of what is Pensions
My Pension Expert Policy Director, Lily Megson, has said:
“In the UK, a lack of engagement with pension planning is a serious issue, potentially leading to insufficient retirement savings. The auto-enrolment scheme was designed to combat this, but it also feeds into the engagement issue, allowing employers and employees to treat pensions as a tick-box exercise.
It would be positive to see employers do more to educate and support their employees about retirement planning, pension contributions and financial management. And the government must do much more as well, not just by helping UK adults to understand and maximise their pension benefits, but also by opening clear pathways to financial advice, ensuring people have accessible resources to make informed decisions about their retirement plans.”
As an employer, is now the time to take the bull by the horn and be a market leader when compared to your peers?
Wingate Benefit Solutions has a market leading pension engagement system called Wingate Engage which:
- Helps employees plan for their future
- Demonstrates the value of pensions as a workplace benefit
- Provides powerful metrics on employee engagement levels
- Promotes the need to consider additional contributions which could potentially lower the National Insurance contribution burden for businesses and its employees
- Has no products to sell
- Has jargon free articles included to support understanding that enables informed decisions to be made, supported by direct access to Wingate’s team of experts
If you would like to see a real time demonstration of this valuable enhancement to your employee benefits offering, please contact Wingate on 01883 332260 or at info@wingatebs.com
Source: Corporate Adviser magazine 27th March 2024
UK workers call for better pension engagement support – Corporate Adviser (corporate-adviser.com)
