Employee Complaints Cause Businesses To Sweat Over Pension Regulations
In the past two years, 19% of workers have contacted their employer about pension scheme issues - with 4% complaining about their savings
UK businesses are becoming increasingly worried their not fully compliant with pension regulations, as their HR departments are fielding more and more employee complaints on the matter.
According to a report by Portus Consulting, 35% of UK businesses are now worried they’re falling afoul of the law and leaving themselves open to possible legal action.
In the past two years, 19% of all UK employees have contacted their employer about pension scheme issues with 4% complaining about the performance of their savings.
Regardless of some employee dissatisfaction, workers appear to be relatively satisfied on a whole with their pension set-up however, with 48% saying the service they’re provided with is effective and just 15% branding it “disappointing”.
Steve Watson, Portus Consulting commercial director, said:
“HR departments have to some extent been put in the frontline of the push to tackle the UK’s retirement savings crisis and have played a major role in helping to deliver workplace auto-enrolment.
“There is a price for success, unfortunately, and that is a rise in complaints and concern about pension scheme performance from employees which could lead to major problems with compliance and regulatory issues.
“Pension schemes and employee benefits in general are a major part of the total reward package for staff and need to be clearly communicated to employees so that they can plan for their retirement and see the benefits of their own and their employers’ investment.”
Worried that you’re not fully compliant? Read our guide here on the auto-enrolment process.