Staff encouraged to contribute more to pensions
Employees of more than 200 small and medium-sized enterprises (SMEs) in the UK may not be contributing enough towards their pensions, a new survey has found.
Research by Barclays Financial Planning (BFP) discovered that 51 per cent of SME bosses do not think their staff save enough, while 19 per cent of the employees do not make any provisions for retirement.
BFP commercial director Stephen Ingledew said that putting money in a pension scheme may not be a priority for some, as two-fifths of respondents said they would choose a pay rise now rather than an improved pension deal.
"The research indicates despite the pension gap being on everyone’s radar, it is some way off being plugged," he added.
"More has to be done to encourage people to take control of their financial affairs."
In related pension news, today saw James Hay unveil new research that found more men than women had taken out a self-invested personal pension.
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