A new Pensions at Work website developed by the Department of Work and Pensions, in partnership with the Chartered Institute of Personnel and Development (CIPD), has been launched to offer employers information on pensions.
It promotes good practice in employer pension provision and uses case studies to demonstrate how small, medium and large organisations can communicate pension schemes effectively to benefit the business.
Charles Cotton, CIPD reward adviser, said: “Pensions can cost employers a lot of money, but they can also be a huge investment for the business.
“As people become more worried about the future of retirement, the pension offered by an employer could become more of a deciding factor for potential employees,” he said. “But far too many employers with excellent pension arrangements are hiding their lights under a bushel.”
Communication is a real problem, and the CIPD’s research found very few employers keep staff informed about their pension arrangements on an on-going basis.
Pensions and Retirement: Attitudes and Expectations, found almost one in five over-50s interviewed stated they had little or no understanding of how their pension schemes worked. This rose to one in three in the under-25 age group.