Employers' pension schemes 'failing staff'
Published On 7 March 2007
Many employers in the UK are neglecting their staff's future by failing to provide an adequate pension scheme, according to Barclays Financial Planning.
A full ten per cent of small to medium-sized businesses do not offer company pension schemes, even though government regulations require them.
And just one in eight companies think that their staff make enough contributions to secure them a comfortable retirement.
Stephen Ingledew, director of Barclays Financial Planning said: "With the effort the government has made over recent years to raise awareness of the importance of pensions it is surprising that there are still a number of companies who are failing to provide their staff with a pension scheme."
Companies need to be stressing the importance of pensions and retirement planning, as these days there are more schemes designed specifically towards helping people in this area, added Mr Ingledew.
On average employees contribute 4.78 per cent of their salaries towards their pensions, the data showed, a little less than what employers themselves contribute.
Meanwhile, a government report has stated that private companies need to do more to get the unemployed into work.
