Two in five employers are considering devising digital pension tools for tech-savvy millennials, but only half of surveyed employers in a recent study by Aegon UK are anywhere close to adopting them.
According to the survey of 500 UK businesses, 87 percent have recently made significant changes to their pension scheme to suit and attratct those aged between 16 and 35. Just over a quarter of employers have decided to develop a rewarding overall pension scheme to attract and retain young talent, while 23 percent have adopted digital tools to help young employees manage their contributions. This comes at a time when saving and planning is out of vogue for a younger generation used to being saddled with, in many cases, an inordinate amount of debt.
A slender 18% of companies now opt to provide rewards to employees when they voluntary opt to increase their personal pension contributions. More companies are also looking to improve the number of digital options available when it comes to organising and seeking advice about pensions.
The greater focus that is now being put on pensions by the government and the media has led those involved with their administration within a company to become more aware of the importance of their role. More than two thirds of those responsible for the workplace pension were found to feel a greater duty of care for their employees. Thanks to auto-enrollment, businesses are now obligated to organise pension schemes on their employee’s behalf.
Robert joined the HRreview editorial team in October 2015. After graduating from the University of Salford in 2009 with a BA in Politics, Robert has spent several years working in print and online journalism in Manchester and London. In the past he has been part of editorial teams at Flux Magazine, Mondo*Arc Magazine and The Marine Professional.
