Less than a quarter (21%) of UK employees stated that their employer has contacted them regarding the new pension laws coming into force in April 2015, according to research from employee benefits consultancy Portus Consulting.
The study, conducted online by Consumer Intelligence, surveyed 1,154 staff over 18 in December 2014, also revealed that 36% of workers would welcome help from their employers on retirement planning. This figure rises to 46% among those aged between 35 and 44.
The research also found:
- 40% of respondents believe they are saving enough for retirement either into pensions or alternatives such as Isas or property.
- 64% said they have heard of the changes, a figure which rose to 87% among those aged 55 to 64.
- Women are more likely to not be saving at 13% compared with 9% among male workers.
Stuart Gray, chairman of Portus Consulting, said: “Employers are seen as a valued source of education and support by substantial numbers of employees, and there appears to be strong demand for guidance on retirement planning from workers.
“The changes to pension laws will mean the biggest change to retirement saving in most people’s lifetime, and it is inevitable that there will be confusion and potentially problems.
“However, there is also a real opportunity for employers to underline their commitment to staff by taking a wider role in providing support on retirement planning.
“Clearly, that can be challenging for employers but there will be real benefit from providing help.”
The research found that around one in five employees already receives support on retirement planning and retirement decision making from their employer and value the guidance that is provided.