EXCLUSIVE: Almost three-quarters (73%) of employer respondents have carried out a pensions communication exercise within the last year, according to research by Employee Benefits and Close Brothers.
The Employee Benefits/Close Brothers Pensions research 2016, which surveyed 250 employer respondents, also found that 18% of respondents have undertaken a pensions communication exercise in the last one to three years, and just 6% of respondents have never conducted a pensions communication exercise.
Among those respondents who have engaged with pensions communication within the last five years, 80% have done so with all employees. A significantly smaller percentage of respondents have targeted their communication exercise to staff who opted out of the workplace pension scheme post auto-enrolment (5%), to employees who are members of their defined contribution (DC) pension scheme (11%), or to both DC scheme and defined benefit (DB) pension scheme members (7%).
For those respondents who have never undertaken a pensions communication exercise or who have not done so in the last five years, more pressing business objectives are cited as the biggest barrier for communicating with employees about their pension (44%). Respondents are also impeded by a lack of resources (25%) and budget constraints (19%).
Tune in to EB TV at 11am on 29 November for Employee Benefits Wired, where an expert panel will discuss key themes from the findings of the research. Tweet your questions for the panel using #EBWired.