Report: Engaging with saving

Employees who understand and take an interest in their pension schemes are far more likely to value their employers’ investment. The report from CBI/Aegon considers how and why UK employers should be seeking to engage their staff with their workplace pensions.

Key findings:

• More than half of firms think greater employee engagement with pensions will improve their ability to recruit, retain or succession plan.
• When asked to identify the workplace benefit most valued by their employees, more than a third of businesses (36 per cent) point to pension provision, above both private medical insurance and additional holiday entitlement.
• The majority of businesses (60 per cent) consider their employees to be engaged with their pension schemes to some extent. However, two out of five employers report that their staff are not engaged.
• Among the survey’s respondents, only 12 per cent of firms report being happy with the current level of their employees’ engagement.

The report outlines a number of recommendations to better educate employees about the benefits of pension saving.