NAPF lobbies employers to promote their pension schemes

by Gill Montia

Story link: NAPF lobbies employers to promote their pension schemes

The National Association of Pension Funds (NAPF), which represents the UK’s workplace pension providers, is encouraging employers to help staff understand the benefits of their pension schemes.

In a recent survey, the NAPF found that 29% of all employees with access to a workplace pension (members and non-members of schemes) were unaware of pension tax relief.

Meanwhile, 17% of employees who were members of their employer’s pension scheme were not aware how much their employer contributed to their pension.

For those who could join a scheme but had not opted to do so, the proportion rises to 37%, giving an overall figure of 22%.

The NAPF believes that simple and regular information on the benefits of pension schemes is needed to encourage broader membership of employers’ schemes.

According to the survey, around 6.8 million employees with access to a workplace pension feel that their employers do not do enough to explain the pensions they offer.

The total number of UK employees with access to a workplace pension is estimated by the NAPF at 16.9 million.