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One in 10 firms will not tell members about Budget changes

More than one in 10 employers say they will not be telling staff about the radical pensions changes coming into force from April next year, JLT research finds.

While 55 per cent of the 250 medium-to-large sized companies who completed the survey said they either had already or planned to tell members about the impact of the reforms, the remaining 45 per cent said they did not plan to (11 per cent) or did not know (34 per cent).

The survey also found only 18 per cent of employers were planning to review the retirement options they offer members before April 2015, with over a fifth deferring a review until 2016.

In addition, 65 per cent of firms said they were positive about the reforms.

JLT Employee Benefits Mark Wood says: “Whilst the industry as a whole has been pretty good in adapting itself, a significant number of employers are feeling overwhelmed and unsure how to respond.

“However, kicking the can down the road isn’t necessarily the best option as employers have certain immediate responsibilities, such as communicating the changes to scheme members.”

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