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.
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:
Employers don’t get the improved: 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.