Only one-third of the working population in the UK fully grasp the meaning of pension schemes offere...
Only one-third of the working population in the UK fully grasp the meaning of pension schemes offered through the workplace, according to HR group Black Mountain.
Only 37% said they completely understand the pension schemes offered by their employer, according to Black Mountain's findings, and almost one in five say they had a "distinct lack of understanding" or "no understanding" at all of the schemes.
Black Mountain believes lack of communication between employer, pension provider and the employee - especially as employees are often faced with complex information packs - might be the root to the problem.
Tim Evans, director at Black Mountain, says he hopes these figures "highlight poor staff communications on pensions and not that companies are breaking the law by not offering a viable pension scheme to their employees".
He adds that many people seem to believe that they will have to seek alternative investment ways when considering how to gain an adequate pension later in life.
"If this is not the case then these people may become a further burden on our already creaking welfare state. The Government needs to act now to ensure that pensions schemes across the board are easier to understand and that employers make the options clear to all of us."
Black Mountain's research was conducted among a range of companies, including FTSE 100 companies and SMEs.
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