Employee Benefits Pensions Research 2020.

WEALTH at work recently sponsored research with Employee Benefits, which set out to help employers understand the key issues driving current pension strategies and future provisions, including the impact of the Covid-19 pandemic.

Key findings include:

  • 22% of employees have sought access to financial advice in order to gain a better understanding of their pension during the Covid-19 pandemic.
  • 16% of employees have reduced their workplace pension contributions, 15% have opted out, and 7% have stopped their contributions due to Covid-19.
  • 57% of employers believe their employees are not saving enough to be comfortable in retirement.
  • The top 5 retirement concerns employers have for their employees include uncertainty about how to make the best decisions when accessing their pension benefits (68%), lack of a financial plan (59%), financial security in retirement (59%), running out of money in retirement (53%), and a lack of understanding around the tax implications of accessing a pension (50%).
  • 79% of employers want to support employees in making informed decisions at retirement.

For a more detailed insight into the research findings by Jonathan Watts-Lay, Director, WEALTH at work, please click here.

You can find the full survey findings here.

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