Pensions are a hot topic at the moment, not to mention something of a source of panic. The government’s flagship auto-enrolment scheme is being rolled out, defined benefits schemes are dwindling, and us Brits can’t move for being reminded that if we’re not saving for our pension, we really should be, and even if we are it’s still not likely to be enough.
Wages are still fairly stagnant in the wake of the economic crisis; assets are not worth what they used to be in those golden pre-recession days, and we are panicking about how we are going to keep afloat financially after leaving work. That’s if we ever do get to leave work - with the abolition of the default retirement age, and bleak pension prospects, it’s not a surprise we are all concerned that we’ll simply have to work until we drop.
Pensions panic
Indeed, research has revealed that more than half of employees in Britain are concerned about their retirement planning. It is little surprise that with the rising cost of care and soaring rates of inflation (which affect retirees more than most), 53 per cent of the country’s workforce are wondering how they are going to cope in the post-employment wilderness.
What’s more, it seems that we are right to be worried about our retirement finances - according to the research, some 11 million UK employees are failing to save up enough for retirement.
Employers failing to offer pensions advice
Who should we turn to for retirement advice then? Our employers would probably be the first answer that springs to mind, and yet it seems that many businesses are failing when it comes to providing support for workers about questions surrounding pensions and retirement.
Almost three-quarters of those surveyed claimed that their employer offers no advice when it comes to money management. What’s more, some 64 per cent of businesses currently fail to offer any tailored retirement support.
Indeed, of those lucky employees that do receive retirement support from their employer, a massive 70 per cent find it useful.
Employee engagement
Many businesses are now realising the importance of employee engagement. While it is not something that can necessarily be defined or quantified, it is the thing that makes us look forward to going into the office; we invest ourselves in the company and in our working relationships. Naturally, we are driven to produce our best work and be a credit to the company. According to the research, 65 per cent of companies are keen to improve employee engagement.
So, 70 per cent of workers who do receive retirement support are finding it useful, and 64 per cent of companies are failing to offer such an employee benefit - there seems to be an opportunity for 64 per cent of companies to invest in their employees and offer company pension schemes among other benefits to show they care.
The coalition’s pension’s reform is proving to be a challenge for companies. Feel free to hint and nudge your employers as I am sure this will help speed the process, but have patients too. It is a long process and they will need to source expertise for this.
About the Author
Phoebe Landon on behalf of Thomsons Online Benefits; they are experienced in flexible benefits scheme design, pensions and employee communication, our team of highly experienced consultants develop innovative programmes with clients that maximise the value of their reward spend.
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