Employers need to take more responsibility when it comes to communicating pension schemes and pension changes.
Speaking in the session, How new pension rules shape HR strategy: from performance management to flexible retirement,†Michael Whitfield, managing director at benefits provider Thomsons Online Benefits, urged employers not to wait for government deadlines around pension changes before communicating these to staff.
“Too often, organisations are waiting for deadlines such as A-day before they take action. There are not enough companies taking the initiative and making changes early,” he saidHe explained that employers should accept they have a duty of care to ensure all employees understand their position around pension schemes ahead of changes such as the proposed system of personal accounts coming into play in 2012.
Nicola Parnham, client relationship director at Aon Consulting, speaking in the same session, agreed that employers need to offer staff a higher level of communication around corporate pension schemes.