Employers are still falling short of encouraging employees to sign up to company pension schemes, research from Age Concern indicates.
The charity found a shortage of information and limited opportunities to join schemes are obstacles preventing many workers from maximising their savings for retirement.
Some 30% of non-members questioned said they had only been asked once since joining their respective companis whether they wanted to join a scheme.
One employee reported a wait of three years before being entitled to join a scheme.
Age Concern has called for employers to automatically enrol staff, providing them with the option to then actively ‘opt out’, while also encouraging people to join occupational schemes through annual invitations.
Incentives cited by non-members for joining include in-depth information, higher pay and additional company contributions, while 29% of those questioned admitted to not being able to afford contribution towards an occupational pension.
One-in-five non-members cited "other financial priorities" as a reason for not joining.
Gordon Lishman, Director-General of Age Concern, says: “The government must ensure employers take more responsibility for their workforces by actively helping them to build up adequate private savings.”
He adds that at the very least, employers should be compelled to invite staff members to join an occupational pension scheme on an annual basis.IFAonline
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