Almost seven out of 10 smaller business say they lack the expertise in pensions and financial wellbeing to adequately support their workers.
This survey, by People’s Pension, found that half of all SME report now say it is primarily their responsibility to ensure employees achieve better retirement outcomes — but many feel they do not have the resources to do this.
In total, 70 per cent of employers said there is a growing expectation on businesses to help employees achieve better retirement outcomes, while 67 per cent believe employers are increasingly expected to support retirement confidence and decision-making. A similar proportion (67 per cent) say employers are also being drawn into broader financial wellbeing responsibilities that extend beyond pensions.
People’s Pension says these finding underline the importance of providers and advisers helping them meet these wider expectations.
The research comes as the Pension Schemes Act 2026 introduces the next phase of workplace pension reform, including a new Value for Money framework and requirements for schemes to offer clear default retirement income options.
As the industry places greater emphasis on the outcomes members achieve, effective collaboration between employers, providers and advisers will become increasingly important.
People’s Pension distribution director Stuart Reid says: “It’s encouraging that many employers recognise the role they can play in helping their employees retire well and with confidence.
“But many also feel they’re being asked to do more without necessarily having the expertise or resources to do it, and that’s where providers need to step up – with better products, simpler member journeys, and support that looks beyond just the financial side of retirement.
“The numbers are obviously important, and good tools and guidance can make it much easier for people to understand what they can afford. But there’s much more to a good retirement than working out the maths. People need to think about what they’re actually going to do with their time, what will give them a sense of purpose, and what responsibilities they might still have to others. Employers can help people start thinking about those questions, but they can’t do it all – providers and other specialists have an important role to play too.”