Staff worry their pensions won’t be enough to live on
David Woods, 16 December 2008
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Fewer than four in 10 employees are confident their current pension will provide for their future.
Jardine Lloyd Thompson Benefit Solutions (JLT) reports that although 63% of employers offer a pension and it is the most valued benefit by 56% of employees, 32% of staff are ‘very worried' they are not saving enough for their retirement.
More than one in 10 members of staff (11%) said saving for retirement is not their concern at the moment.
But 76% think individuals should be responsible for their own retirement and, of these, 44% think responsibility also lies with employers while 54% think the Government has a role to play.
Duncan Howorth, chief executive of JLT UK Employee Benefits Group, said: "Clearly employers and the Government to an extent should support employees with some aspects of benefit provision, information and education, but employees really need to get to grips with retirement planning.
"People need to understand the long-term implications of what they are paying into a scheme for and what they can expect in retirement. This is a major challenge for all in the pensions industry."
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