JLT Benefit Solutions Finds Occupational Pension Fund Security Concerns Affect 25% of UK Employees
Just 43% of UK employees consider their occupational pension fund to be safe and a further 25% do not have either a positive or a negative view implying they do not sufficiently understand the financial implications of their scheme. This is according to the latest research from JLT Benefit Solutions (JLT) that highlights increased pension fund perception concerns and an alarming disconnect between employers and their staff.
Duncan Howorth, CEO, JLT UK Employee Benefits Group, says “While just 43% of UK employees feel their occupational fund is safe, a further 25% of individuals feel unable to accurately assess the financial security of their scheme – figures that suggest employers are still not helping employees to understand the position of their pension savings.”
Interestingly, however, it was those individuals that were part of a final salary scheme that demonstrated the highest levels of confidence, with 51% of employees admitting they feel safe. This compared with just 32% of employees in stakeholder pensions, 39% in a defined contribution (DC) plan and 27% in a group pension plan.