Millennials have a “worrying lack” of awareness as to how pensions work, according to a recent survey.
The majority of those aged between 24 and 34 did not know what happens to pension savings, with over half thinking it is deposited in savings accounts and earning a fixed amount of interest.
The majority of these employees are now actively savings into workplace pensions, via auto-enrolment, so there is a clear need for employers to improve communications, understanding and engagement.
With statutory minimum contributions increasing this month, employees will want to understand more about their pension options than ever before and many will wantdirect and honest language in communications about their pensions, rather than the usual industry jargon.
At Corinthian Benefits we specialise in improving employee engagement and appreciation of the benefits provided by introducing a comprehensive communications exercise including the following:
Tailored presentations to different age groups
Individual one to one consultations
Personal member booklets outlining the benefits provided