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Newsletter

Firms 'feel pensions responsibility'

By Tom Farley, Wed 10 Sep 2008 - Published in Pensions

New research suggests UK companies feel compelled to help their employees with pensions and retirement planning.

According to the National Association of Pension Funds (NAPF) study, 91 per cent of respondent businesses said they believe offering pensions is part of being a responsible employer.

In addition, 89 per cent suggested they have a duty to help their workforce prepare for their golden years, although 60 per cent believe staff do not understand pensions and retirement issues.

Nigel Peaple, NAPF director of policy, commented: "The views of those at the heart of companies show that employers view their workplace pension as something deeper than just a normal part of the employment package."

The study also found 49 per cent of firms intend to keep their existing pension arrangements after the 2012 reforms, while 18 per cent revealed they will switch over to Personal Accounts.

Earlier this week, Nicola Plant, partner at Thomas Egar LLP, recommended people approaching retirement make a valid will to avoid any problems which could be brought about by intestacy.