UK - Employers will be forced to give staff information about pension provision in a bid to boost take-up, under plans being drawn up by the government.
The department for work and pensions hopes the new measures will “remove the obstacles” preventing firms from promoting their schemes effectively.
The DWP says it will begin a pilot study during the second quarter that will force participating employers to offer pensions information to their employees.
This will include the introduction of a pensions information pack – produced jointly with the Association of British Insurers – and bringing in IFAs to conduct group and one-to-one presentations on financial planning.
A DWP spokeswoman said: “Once the pilot study is done, we will assess what requirements we are going to place on employers and say to them that you should offer a combination of X, Y and Z.”
The National Association of Pension Funds welcomed the measures.
But a spokesman warned: “Unless the state system is radically simplified, better information will have a limited impact.”
The government also believes it can boost savings levels by allowing employees to commit part of any future pay increases to their schemes.
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