UK - Nearly half of workers believe their employers are best placed to provide information on pension provision, research from Aon Consulting shows.
The consulting firmís survey of 1500 individuals throughout the UK found that the next most trusted source of information was IFAs (12.7%).
The study showed 94.9%of employees are losing trust in the government’s ability to help them plan for retirement.
Aon Consulting principal and actuary Simon Martin said: “Despite the current climate, employees rank their employers as best placed to provide them with the information they need to plan for retirement.”
B&CE Benefit Schemes deputy chief executive John Jory agreed but added that take-up increased when an employer became actively involved in explaining the pension to staff.
Indeed B&CE has managed to boost take-up of its EasyBuild stakeholder product by 30-40% through on-site marketing in pilot projects.
Jory said: “Workers react far more positively to this than to receiving thirty pages of gobbledygook in the post.”
The [email protected] survey is part of Aon Consulting’s annual @Work research, available late this month.
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.