Around 59 per cent of those in employment want their employer to do more to help them understand and engage with their workplace pension scheme, according to My Pension Expert.
The new research, surveying 2,000 UK adults, indicates that 73 per cent of respondents believe the minimum workplace contribution for employers should be raised. However, more than half of workers, 52 per cent, admit to not doing any more pension planning beyond enrolling.
Meanwhile, among those in part-time or full-time employment, only 46 per cent see their employer as valuing their financial wellbeing.
In addition, just 19 per cent of adult UK workers who have workplace pensions have checked them in the recent month; during the previous six months, 54 per cent have done so. Furthermore,12 per cent don’t know if their employer offers a pension or how much they have to contribute.
My Pension Expert Policy Director Lily Megson says: “It’s abundantly clear that employees want more support in preparing for retirement. Employers play a pivotal role in shaping the financial future of their employees, so it’s crucial they answer this call by considering the support they provide.
“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.”
