In the Employee Benefits/Capita Pensions Research 2013, 78% of respondents said they rely on their pension provider to communicate their pension scheme to employees with an annual, paper-based statement sent by post.
The research, which was conducted among 370 HR and benefits managers, found that interactive communication is the second most popular way for respondents to communicate their pension scheme to employees, with 75% of employers using an online portal, such as a website or intranet.
The research shows a marked difference between the way larger and smaller employers communicate with staff.
Just 2% of employers with more than 5,000 staff arrange for external advisers to undertake one-to-one sessions with employees. But 33% of those with fewer than 5,000 staff offer this benefit.
Workforces with 100 to 500 staff are most likely to receive this benefit, with 54% of respondents in this size organisation offering this. (These percentages do not include respondents that do not communicate and those that do not know).
However, larger employers are more likely than smaller employers to offer all other forms of communication.
The Pensions Regulator’s guidance on member communications best practice states that employers and pension trustees have a shared interest in ensuring that:
- Members are engaged and motivated to plan for their eventual retirement and do not become confused and discouraged;
- The scheme is effective in attracting, motivating and retaining employees;
- Unnecessary time and resources are not taken up by ineffective or badly planned communications exercises.
How respondents communicate their pension scheme to staff
Read the full version of Employee Benefits/Capita Pensions Research 2013