UK - Nearly two-thirds of workers get information on their occupational pensions from financial advisers, research by Axa reveals.
The insurer’s study showed that despite newer types of pension communication – such as workplace seminars and the internet – 60% of employees still used advisers.
Less than half of employers, though, felt their staff should get information about their pension scheme from advisers.
Axa’s head of pensions marketing, Steve Folkard, said: “Although there are signs that some employers are looking to improve pension communication, not enough is being done.
“The workplace is becoming an increasingly important area for pension advice and more employers should recognise the key role they play as an information provider.
“There is a gulf between how companies would like their staff to access pension advice and what actually happens.”
He believed the reason might be because firms were still concerned about giving advice to their staff.
But he claimed a well structured communication plan could answer many basic questions before advice became necessary.
The survey found that a fifth of the 400 firms surveyed intend to improve their employee communications on pension issues over the next 12 months.
The most popular way for employees to access information about their pension is still via traditional channels such as booklets and annual statements – favoured by 75% of respondents.
Advisers are the second most popular source, favoured by 60% of employees followed by telephone helplines (34%) and dedicated company departments, which were favoured by 24%.
Newer types of pension communication – such as company intranets, the internet and workplace seminars – were far less popular, with respondents favouring them by 15% and 11% respectively.
Most respondents in this week's Pensions Buzz do not think businesses should be able suspend AE contributions if in financial distress.
Former BHS owner Dominic Chappell has lost the appeal against his section 72 conviction and sentence for failing to hand over information to The Pensions Regulator (TPR).
This week's top stories include Marsh and McLennan Companies agreeing to buy JLT, and the home secretary calling for AE to be scrapped in a no-deal Brexit scenario.
Lesley Titcomb says the watchdog wants closer interactions with pension funds to spot problems sooner and act before having to use its more stringent powers