Businesses missing trick

Five years on from the introduction of auto-enrolment, almost nine in 10 people (89%) in the North East think it was a good idea, but local employers might be missing a trick by under-estimating how valuable pension contributions can be for the recruitment and retention of staff.

While a surprising majority of people (59%) in the North East consider pension contributions as important when looking for a new job, a third (33%) of local employers aren’t bothering to promote their scheme as a benefit, and almost half (47%) don’t think it makes a difference to recruitment.

At a time when more than half (52%) of UK adults, who are planning on retiring, think they won’t be able to afford their desired lifestyle in retirement, and with employees highly valuing their pension contributions, employers across Sunderland and the North East can play a significant role in helping their staff maximise their potential pension pots.

Under auto-enrolment, employers have to provide a pension for their staff, so they might as well make the most of it.

By promoting their pension contributions when recruiting, reminding staff about the importance of saving for retirement, and where possible, increasing employer contributions above the minimum requirements, they’ll not only help their staff plan for the retirement they deserve, but also benefit their business by helping them to recruit and retain staff.

Darren Philp,

Director of policy and market engagement, The People’s Pension