73% of employers believe that educating staff on pensions is an essential element of support they provide for employees, according to recent research by the National Skills Academy for Financial Services (NSAFS).

However the research, conducted in partnership with AXA Investment Managers (AXA IM), found more than a quarter of employers do not provide any kind of information, guidance, or advice about pensions.

The research also showed that more than half of employers (56%) only spend a maximum of one day a month on pensions-related administration and support to staff, yet over three quarters (76%) believe overall responsibility for educating the UK population on retirement and pensions falls to employers.

Of those employers who offer their staff support or guidance about pensions, over half, 53%, provide a face to face meeting with a company representative, while six in ten do not provide online resources and almost two thirds, 65%, do not introduce their staff to a financial adviser.

Sylvia Perrins, CEO at the NSAFS said: "As the pensions industry continues to evolve, it is vital that employees understand their pensions options and employers themselves have a responsibility to ensure their staff are well-informed."

The findings come as the pensions landscape changes, with a move towards defined contribution pensions, the introduction of auto-enrolment and increasing flexibility about retirement age.

To address the need what they say is a need for improved financial education, AXA IM and the NSAFS have launched Get Ready, a free, interactive online learning tool that provides basic, essential information to those in workplace schemes, helping them to prepare for life in retirement.

Perrins, said Get Ready will support pensions managers or company HR professionals in answering questions on pensions and act as a starting point to drive conversations about retirement planning in the workplace.

Stephanie Condra, retirement market strategist at AXA IM said: "It is clear from our findings that employers want to take a more active role in supporting their staff as they prepare for retirement."

First published 03.12.2015

Lindsay.sharman@wilmingtonplc.com