As an employer, engaging your staff with their pension plans is crucial for their financial security and overall satisfaction. However, studies reveal that, shockingly, only 36% of UK employees feel knowledgeable about their pensions*.
With retirement ages moving further away, it’s easy to put your pension to the back of your mind but we encourage people to think differently about their pensions and start saving as early as possible, to make your retirement easier.
Our Corporate Services Team are here to help bridge this knowledge gap and empower your workforce.
So, how can you as an employer encourage staff engagement with their pensions?
Educate employees on the pension basics
Employee education is crucial for pension engagement. According to the Office for National Statistics, 54% of UK workers do not fully understand how their pension contributions are invested.
Our interactive workshops provide comprehensive guidance on workplace pensions, contribution structures, and the power of compound interest. We explain to your staff how their pensions are invested and how funds work for them.
Enhance Pension Communications
Clear communication drives pension engagement. According to Mercer, 72% of employees want more frequent updates about their pension schemes. Pension providers offer the tools and communications to keep your staff informed, but presenting this data in a clear reader-friendly format encourages employees to monitor their pensions and investments.
78% of UK employees value their employer's support in saving for retirement**. Most people don’t know what income they would need to live comfortably in their retirement. Engaging with staff and discussing retirement plans can help put this into perspective - typically once staff see the effect pensions can have on their savings, they become much more optimistic about their retirement goals.
Tailor Pension Planning to Employee Life Stages
While it’s important to consider your retirement options in later life, it is in the early years of your career where you can make the adjustments that really affect your pension. 61% of workers aged 22-29 in the UK believe they should be saving more for retirement***.
We like to show how much of an effect increasing pension contributions by 1-2% can make over the course of a career. Making these decisions early is crucial in achieving your ideal retirement and giving a clear route to retirement can help your employees take responsibility of their retirement path.
At SG Corporate Services, our Employee Benefits and Financial Advisory services empower your workforce to care about their pensions. Through education, enhanced communication and fostering a culture of engagement, we ensure better retirement outcomes and employee satisfaction. Partner with us to unlock the power of workplace pensions and secure your employees' financial future.