UK - More than 90% of stakeholder pension schemes receive no contributions from employers, a new study shows.
Research by accountancy and business adviser PKF shows that while more than 340,000 employers have set up stakeholder plans, only 9% are contributing anything to them.
Managing director Frank Williamson said: “The vast majority of schemes are empty boxes.
“Employees are bearing the full cost of saving for their retirement with no real help from their employers.”
He claimed that existing legislation did not go far enough and called on the government to make contributions by employers and employees mandatory.
He added: “The only option, however unpalatable, is to make it compulsory for both employers and employees to contribute to stakeholder pension schemes.”
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Malcolm Mclean says getting the channels of communication right and engaging more openly is a good starting point