Financial education is needed throughout organisations, from low-paid workers right up to senior executives, according to Mike Sullivan, head of employee benefits and pensions at Veolia Environnement UK.
During a panel session at the Employee Benefits Pensions and Workplace Savings Summit 2012, entitled ‘Holistic approaches to workplace saving – new era or false dawn?’, Sullivan said the firm’s pension scheme take-up was relatively low across the workforce, and a lot of financial education was needed, especially with auto-enrolment approaching.
He added: “Where there is a workforce that has chosen not to participate in pensions, there will be substantial costs on the horizon.”
Veolia Environnement UK targets its communications to its diverse employee base, including sending SMS text messages, rather than emails, to workers in the field.
The firm is also considering introducing an individual savings account (Isa) to promote retirement savings among its 16,500 UK staff. Sullivan added: “I do not care if employees are saving into a pension or an Isa, as long as they are saving into something.”
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