Almost half of small businesses fail to regularly update pensions information for employees enrolled on company pensions, it has been revealed.
Research from financing specialists Barclays Financing Planning shows 48 per cent of small to medium-sized enterprises do not provide regular pensions information to staff, meaning many pension holders could potentially not be saving adequately for retirement.
Meanwhile, it has been discovered that 19 per cent of employers who do update staff members about company pensions use the intranet to provide information, while 49 per cent conduct face-to-face meetings.
Some 58 per cent use a staff handbook, while 53 per cent produce specialist pension booklets.
Stephen Ingledew, director of Barclays Financial Planning, commented: "By improving monitoring and communication, staff would have a much better idea of where they stood and this might encourage them to contribute to the pension themselves."
People who contribute to company pensions can expect an additional income when they retire, on top of the basic state pension.
Alternatively, if their employer does not offer company pensions, they may instead prefer to arrange a private stakeholder pension.
Company pensions education overlooked by half of small businesses
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Company pensions education overlooked by half of small businesses
Thu, 29 Mar 2007
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