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Employees need 'pensions education'
28 November 2008 17:05
Younger employees need be educated on the benefits of pensions from the start of their working lives, according to one expert.
Christine Hallett, chief executive Pointon York SIPP Solutions, claims that structures need to be put in place to ensure workers know exactly what is required of them regarding pensions.
Her comments come on the back of a report by Pension Force, which found that one in five employees is unaware of how much their employer should be contributing to their pension.
Ms Hallett said that problem was about communication and education, as many people weren't taught the importance of pensions from a young age.
She added that when employees first enter work, they are not educated on the benefits of depositing regular amounts into structured pension scheme.
Data from the Office for National Statistics showed that in 2006 the number of workplace pension schemes in the UK was just below 67,000 - a decrease of nearly 40,000 since the turn of the millennium.
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