Many staff still in the dark over firms’ pension plans

Four out of 10 people who work for firms that are obliged to make
stakeholder pensions available to their staff have heard nothing on the subject
from their managers.

Research by the Prudential shows that 40 per cent of people working for
organisations with more than five staff have not been told about stakeholder
plans by their employers even though the 8 October deadline has passed.

According to the study nearly 30 per cent of employees are planning to pay
into a stakeholder pension, and of those nearly half expect their employers to
contribute to the scheme.

Andy Briggs, director of pensions at the Prudential, which interviewed 576
people, said employers need to ensure staff are up-to-date on their stakeholder

"People should be pestering their bosses to find out what they have
done about stakeholder – it may be that its either slipped their mind or
stakeholder designation is languishing in the to-do list," he said.

"We understand how busy life can be for bosses, but it’s time to call
staff meetings and let employees know about the scheme they have and whether it
will be making any additional contributions to employees’ pensions."

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