Fears are growing that firms and their employees are not prepared for the radical pensions reforms which come into effect from April this year.
Seven in 10 firms have not taken any action despite 63 per cent saying they supported the Government’s plans, according to a survey of 250 employers by Jelf Employee Benefits.
Less than one in 10 businesses have reviewed what they offer staff and attempted to explain the changes, the report reveals.
Jelf Employee Benefits head of benefits strategy Steve Herbert says: “We are concerned that both employers and employees need to be better educated on this important topic. Without such education many older employees could make ill-informed decisions regarding their pension savings.
“Our survey suggests that the proposals are broadly being welcomed, but it is really important that employers review their offering and communicate the changes to their workforces. And with only three months remaining until full implementation the time for action is now.”
As well as the new options created by the Budget, smaller firms also have to deal with their auto-enrolment duties as millions hit staging dates in 2015 and 2016.
Herbert adds scammers could begin using public confusion over the Budget to tempt savers into unlocking their pensions early.