UK - A third of companies would be willing to give employees a day off to sort out their pension arrangements, new research suggests.
But the study – carried out by business information provider Croner – shows the vast majority of firms (60%) would not sanction the extra day and 7% were unsure.
Croner employment law expert Richard Smith said: “Whether opting into a company pension or private scheme, employees need to take time to consider their options and arrange payment into a fund.”
Smith said employers should help by providing advice to employees on pensions.
And he added: “Some employers go the extra mile and give their staff a day off to assess their options and choose a pension plan.”
The research was triggered by insurance giant Prudential’s decision last year to give its 8000 staff an additional day off to deal with their pensions and personal finance.
Head of pensions and occupational health at Barnardo’s, Graham Brown, said the idea was laudable for smaller firms but felt it was unlikely the idea would take off.
“I can understand it for relatively small companies and perhaps in areas where they don’t have great access to financial advisers. But at Barnardo’s, I see people myself and hold pension clinics.”
And he added that with the state of the overall economy he could not imagine that too many companies would allow “an extra day’s holiday for staff on that basis”.
Last week research from KPMG showed that 40% of staff do not care about their retirement plans.
The accountancy firm surveyed over 2300 working adults and found that of the 1290 who were either scheme members or had personal pensions, 39% neither knew nor cared how much their pension would be worth.
Proposed changes to The Pensions Regulator's (TPR) notifiable events framework so it can be more proactive when corporates make changes will create a very challenging workload, it has been said.
Aviva has created a new pension skill for Amazon Alexa that allows customers to find out how much they have saved towards their retirement.
PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.