Firms are failing to do enough to help raise employees' awareness of scheme provision, the National Association of Pension Funds warns.
The trade body's research - conducted by polling agency Populus - found only 40% of people knew if there was a pension when they applied for their current job and just 12% of job adverts carried any pension...
The buyout deficit of FTSE 350 pension schemes has reduced by £2.5bn since the introduction of Freedom and Choice due to an increased number of transfer exercises, Barnett Waddingham has found.
The Office of Tax Simplification (OTS) has called on the government to review its “complicated” pension tax measures and simplify engagement with the system.
This week’s top stories included B&CE entering into a redundancy consultation with staff, and the National Grid UK Pension Scheme completing a £2.8bn buy-in.
The government will pay out £21bn in income tax relief for pension contributions this tax year, while national insurance relief payments will rise to £18.7bn, according to statistics from HM Revenue and Customs (HMRC).