Skip to content

Staff 'unaware of pension reforms'

Experts have warned that many workers are still unaware of the significant pension reforms due to be implemented in 2012.

Under the new rules, employees will be automatically enrolled into workplace pension schemes.

But figures released by the Chartered Institute of Personnel and Development (CIPD) indicate that more than half of workers do not know about these changes.

The group said the introduction of the new system represented the biggest shake-up of pensions in a century.

However, a poll of 2,000 people found that more than two thirds of workers aged 18 to 24 in private firms and the voluntary sector were unaware of the reforms.

The findings revealed that older workers and managers were most likely to know about the new system.

The CIPD's Charles Cotton said: "These findings suggest that both the Government and employers need to take a nuanced approach to communicating pension reforms to employees. With less than a year to go, employee awareness is generally quite low."

Copyright © Press Association 2011

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Syscap Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

Click for more information about the Wesleyan group of companies.

© 2016 Wesleyan Assurance Society