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Employees want pension advice at work

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Written by: Paloma Kubiak
05/10/2016
Just a quarter of employees receive guidance or advice on retirement planning at work despite pension scheme membership reaching an all-time high.

Since the introduction of auto-enrolment, membership of workplace pension schemes has hit a record high with more than 33.5 million signed up.

However, research from Portus, an employee benefits consultancy firm, found that just 26% of employees get help on retirement planning at work.

Of this amount, 11% said they get regular one-to-one meetings with advisers, while 15% have access to online support through their employer.

But 27% said they would like more help on retirement planning and 33% said they would be willing to pay for independent financial advice.

Of the 1,000 employees surveyed, 21% said they were concerned about the returns on their company pension scheme over the past two years.

One in 20 employees had not joined a company pension scheme because of worries about how their money is invested.

Portus consulting commercial director, Steve Watson, said: “Action to tackle the UK’s problem with retirement saving including workplace auto-enrolment is definitely working with pension scheme membership at an all-time high.

“But the missing link is that employees are being left to their own devices and significant numbers are disappointed with pension savings while others are being deterred from even starting to save.”

Watson said employers can play a role in helping to provide guidance on long-term retirement planning but “clearly need support in delivering it as the costs can deter employees as well as employers”.

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