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NAPF: Pension provision important to firms
15 September 2008 11:00
Most firms are dedicated to providing pensions, but some feel their employees do not understand them, according to a new survey by the National Association of Pension Funds (NAPF).
Over nine out of ten companies stated that offering a pension helped position them as a responsible employer, while almost as many felt they had a duty to help their staff prepare for retirement.
However, just one in 33 claimed that their employees fully comprehended these schemes, whereas three out of five identified some level of unawareness, yet one in three admitted to not giving them too much information for fear of being held liable for bad choices.
As for the launch of personal accounts in 2012, nearly half said it would not affect their pension provisions, while one in eight said they would switch to personal accounts for new employees and just over one in 20 that they would do the same for existing staff.
NAPF director of policy Nigel Peaple therefore praised these firms for their commitment to their workers regarding pensions, as well as asserting that problems around information provision and staff understanding are being resolved.
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