UK - Employers must do more to promote pension awareness among job-seekers and its impact on pay and conditions, unions claim.
The Trades Union Congress says that occupational arrangements should be a key consideration for prospective job-seekers considering offers and that too many of them – particularly young people – fail to understand how much a “good” scheme contributes to pay and conditions.
The TUC also believes that many do not understand how to compare different types of schemes. To that end, the TUC is providing job-seekers with a list of questions to ask companies and a toolkit to evaluate the answers.
These cover contribution levels, provision for surviving dependants and whether survivor benefits will be paid to unmarried partners. Employers are also being urged to provide a straightforward overview of their pension scheme to job applicants, and to answer questions in a standard format.
TUC general secretary Brendan Barber blamed companies for deepening the “pensions crisis” by cutting back their pensions promise to staff and emphasised the need for understandable information.
He said: “Job applicants should ask hard questions about the pension available and, unless they have no choice, should be prepared to say no to an employer who offers a poor or non-existent pension.”
• The TUC will be holding a “Pay up for Pensions” demonstration in London on June 19, when union leaders will call for compulsory employer contributions to occupational schemes.
Industry experts are calling on the government to act quickly on new pensions dashboard legislation. The DWP is looking at how to do it amid Brexit constraints, writes Kim Kaveh.
An interactive and hands-free technology that allows savers to track how much they have invested into their retirement pots has been launched by Smart Pension.
The Lighthouse Pensions Trust has recorded an 84% surge in the number of employers signed up to its auto-enrolment (AE) provision.
Melrose Industries's UK defined benefit (DB) schemes had a £5.5m combined deficit at the end of 2016, its annual results have revealed.