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Employer pension contributions are amongst the most valued employee benefit, yet businesses are failing to realise their worth, finds The People’s Pension
Five years on from the launch of automatic enrolment, new research from The People’s Pension has found that employer pension contributions are amongst the most valued employee benefit, yet around half of businesses are failing to realise their worth.
The survey of 500 human resources decision makers and over 1,000 employees in the UK, which was conducted by YouGov1, found that:
At a time when half the UK believes they won’t have enough money to support their desired lifestyle in retirement2, these findings highlight the high value that employees place on their employer’s pension contributions and that employers can play a significant role in helping their staff maximise their potential pension pots.
The People’s Pension is encouraging businesses to get the full value from their pension contributions by promoting them when recruiting, reminding staff about their existing pension benefits, and where possible, increasing employer contributions above the minimum requirements.
Commenting on the survey, Darren Philp, Director of policy at The People’s Pension, said:
“Employers have played an important part in making auto-enrolment a huge success and helping millions of people save towards their retirement. Five years on from its introduction, the majority of employees now value their employer pension contributions as an important benefit, yet there’s a clear disconnect between how highly they regard it and how much their employers think they do.
“This research shows the high value that employees put on employers’ pension contributions as part of their wider reward package. Under auto-enrolment, employers have to provide a pension for their staff, so they might as well make the most of it.
“By promoting their pension contributions when recruiting, reminding staff about the importance of saving for retirement, and where possible, increasing employer contributions above the minimum requirements, they’ll not only help their staff plan for the retirement they deserve, but also benefit their business by helping them to recruit and retain staff.”
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Notes to editor:
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 3 million members and over 65,000 employers signed up. It is run by B&CE, a not-for-profit company. Follow @peoplespension.
About The People’s Pension
The People’s Pension is the largest private sector master trust (multi-employer pension scheme) in the UK, with 3 million members and over 65,000 employers signed up. Run by B&CE, a not for profit company, it offers a simple and low cost automatic enrolment workplace pension solution for employers of any size from any sector. We tweet as @peoplespension.