Pension Scheme Training for HR and employees

In almost every commentary and article on the subject, we are told that workers don’t understand their pension scheme. Employees also say this themselves. No wonder the vast majority of workers seem to feel let down by the company pension when they eventually find out what weekly or monthly income it will give them.

Auto enrolment

This is a little surprising because since the 1980s, every contributing pension scheme member has had to receive an annual statement telling them what the pension is worth and the retirement income it may produce. This communication doesn’t work as intended and it hasn’t improved very much at all.

We can change people’s engagement and understanding.

There are a few other truisms worth considering:

Employees don’t:

  • appreciate the amount their employer spends on a pension for them
  • realise the tax authorities give them money as well (in tax relief)
  • understand the investment fund their money is in and if it’s the best choice for them
  • realise the enormous value they may squander through inaction

Employers don’t get the improved:

  • retention
  • recruitment
  • planned worker exit strategy
  • and goodwill
they should expect.

There are pockets of good practice where employees are more engaged and appreciative of the pension and where employers actually get a value from the high cost.

This is achieved where the middle and senior management, and the HR team have a confidence in the pension scheme themselves and can speak about it at a competent level. For HR staff or the management team, professional pension scheme training is invaluable. For the employer the benefit is even greater.

CORPIAS is experienced in communicating and training in company pensions to all levels of workers from night shift lorry loaders to FTSE100 directors, across industries from manufacturing to retail to financial services.

To discuss how we can help your business, please contact CORPIAS on 07975 979233.