Employees want pensions guidance - Pensions - News - Moneyfacts


Employees want pensions guidance

Employees want pensions guidance

Category: Pensions

Updated: 07/09/2009
First Published: 07/09/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Over three quarters of employees would welcome some form of guidance from their workplace on planning for retirement.

Some 76 per cent of workers whose companies offered a pension said they thought some form of advice from their employer on how to build up a retirement pot would prove to be valuable, a pensions report conducted by Scottish Widows has found.

"Our research shows that a huge number of people would like the opportunity to receive financial advice in the workplace," said John Taylor, market director, corporate finance at Scottish Widows.

"Financial planning in the workplace is a great way to alert everyone to the importance of saving for the future, and raises the awareness of the need to plan adequately for retirement."

A third of people questioned said they believed that employers offering pension schemes should be obliged to provide full financial advice, while more than four in ten said they should provide general information about planning for retirement.

However, just 16 per cent of workers said they would opt to speak to their employer if they wanted more information about pensions.

Over half of those questioned said they would be encouraged to start saving for retirement if they qualified for a company pension scheme.

The figures follow a recent report from Hymans Robertson that reported that almost nine in ten people thought the Government was failing to encourage people to build up a fair sized pension.

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