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| The
first choice for people
in pensions |
| Personal
Accounts holds little pull for employees
By Sophie Baker |
| The
benefits of Personal Accounts remain an enigma to 57 per cent of employees
surveyed by JLT Benefit Solutions (JLT) for their second report on
the UK’s attitude to the national savings scheme. Almost a third (30 per cent) of respondents also said that they believe they will opt out of the scheme when it comes into force in 2012, and JLT’s CEO, Duncan Howorth added that there has been a small decrease in the number of employees who are positive about the scheme. “This lack of positive engagement with the scheme may in some part be impacted by a general lack of trust in the Government following recent events, with 19 per cent of employees who were likely to opt out, said this was because of their lack of trust in Government schemes. 40 per cent of employees said they didn’t like the Government telling them what to do.” However, there has been a slight increase in the number of employees who believe they will not be affected by Personal Accounts, from 56 per cent at the last survey six months ago, up to 61 per cent. “When we consider the results of our most recent research both in comparison with our last survey and in light of the current economic climate, employees are finding it hard to consider Personal Accounts when they have more immediate financial concerns with which to contend. Employees are, however, still missing the big picture, that their retirement planning is all part of a wider financial planning piece,” Howorth added. The report, Employee Personal Accounts Research – Results Report Part Two can be requested here. - Pensions Age June 2009
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