UK - Employers need to work harder to dispel the negative press defined contribution (DC) has attracted, despite many businesses reviewing staff schemes in recent times.
Richard Lambert, director general, CBI, said: "Too many employees are not saving for their pension, even though there is often an excellent employer scheme open to them.
"Sometimes this is due to a lack of understanding of the benefit on offer, but often it can be explained by the negative view of defined contribution that has prevailed in recent years," Lambert continued.
He said firms had to emphasise the good quality DC schemes could offer.
The CBI and Mercer agreed it was the employer's duty to illustrate the benefits of joining the retirement programme as the report showed 69% of senior executives felt their staff did not value their available DC scheme.
Tony Pugh, UK head of defined contribution pension services, Mercer, said: "Employers want to help employees help themselves.
"This is supported by the general trend to increase employers' contribution rates, better provision by employers for financial education of employees, efforts towards simplifying investment options and overall improvements in the quality of plan communications," Pugh added.
Pugh said there had been a significant increase in employers reviewing their DC plan strategy over the last 18 months: "Many DC plans were initially set up as a hasty response to defined benefit plan funding issues - some didn't give full consideration to employers' DC objectives, good governance or wider employee requirements, for example.
"We expect the trend in improvements to continue as employers continue to review how to get best value from their DC offering and remain competitive with other employers who have already made changes to their plans," he concluded.
The CBI is the UK's leading business organisation, speaking for some 240,000 businesses that together employ around a third of the private sector workforce.
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