Employees want 'in-depth' pension information
28/01/2008
An online poll conducted on behalf of the National Association of Pension Funds (NAPF) has shown that 87 per cent of defined contribution (DC) PensionsConnection members believe employees seek detailed advice about pensions from their employers.
The shift towards defined contribution DC schemes as opposed to defined benefit (DB) schemes has placed new pressure on the employer to advise employees about how much to save and where to invest, the NAPF has said.
NAPF chief executive Joanne Segars said: "DC is the fastest growing part of the pensions market and because of this the associated challenges are increasing just as rapidly. Employees do not just want standard information, they want in-depth information, much of which could be bordering on regulated advice."
She stressed that employers now had to use informed judgment in this area to ensure that they are not giving regulated advice as it is a "crucial and regulatory line".
The NAPF recently announced that the workplace will be crucial to generic financial advice amid imminent pension reforms.
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