Despite widespread publicity about new auto-enrolment legislation for pension schemes, the regulations have completely passed by a worrying three out of five UK employers, according to a study.
But the survey among 2,000 managers undertaken by OnePoll on behalf of Close Asset Management also revealed that a third of those who were aware of the changes did not intend to provide their staff with any extra training to help them understand its implications.
Some two out of five believed such support was unnecessary because workers would find out the information they needed in other ways such as brochures, while 18% believed that personnel already understood the issues. A further 14% admitted that providing training on the subject was simply too expensive.
Jeanette Making, Close’s director of financial education services, said: “It is concerning to discover the low level of awareness around auto-enrolment, especially this far into the planning process of the National Employment Savings Trust and just around the corner from implementation.”
Large employers would need to act now to make sure they were prepared for compliance by 2012, she added, although there was a couple of year’s grace for smaller firms.
But Making said: “Whenever there is change to workplace legislation, there is a period of adjustment for both employer and employee. Workers are looking to their employers for advice and guidance and the research shows there is a real opportunity here for businesses to foster trust and engage with their staff.”
