Employees trust employers on pensions

Employees
still believe their employers are best placed to provide them with information
on pension provision, according to new research.

The
study of 1,500 individuals throughout the UK
by HR consultants Aon found
that almost half (47 per cent) of staff thought their company was the most
trusted source of information on pension provision.

Independent
financial advisers were the next most popular port of call, being the first
choice for one in 10 employees.

The
Government fared badly in the study, with 95 per cent of respondents saying
they were losing trust in the Government’s ability to help them plan for a
secure retirement.

Simon
Martin, principal and actuary at Aon
Consulting said individual pension scheme members needed much more help with
money-purchase schemes, which are rapidly replacing the traditional final
salary schemes.  

“As
a trusted source of pensions
information, we think it is vital that employers strive to become the primary source
of information for employees, they encourage and facilitate the information
flow, and assist in providing quality financial education to employees,” he
said.

By Michael Millar

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