One in three HR executives have seen a rise in pension complaints
Compliance and regulatory concerns worry 35% of HR departments
moneygym aims to increase employee engagement with retirement and wider financial planning

They are facing a combination of increased complaints about pension fund performance as well as increased interest from staff about pension schemes. Portus’s study found one in three HR departments have seen an increase in complaints in the past two years while 28% report increased inquiries from employees.

The rise in pension scheme complaints is starting to worry HR departments – around 35% say they are concerned about possible regulatory or compliance issues for their organisation as a result of pension complaints.

Portus’s nationwide study** among employees highlights the issue – around 19% of staff say they have contacted their employer over the past two years about pension scheme issues with 4% saying they had complained about the performance of their savings.

However employees are generally supportive of the guidance on retirement planning they receive through work – 48% say the services provided by employers are effective with just 15% branding them disappointing.

Portus, which offers the employer-paid moneygym guidance service for employees through employee benefits, believes HR departments need to look for solutions to support employees with retirement planning which can also address compliance risks.

Full Content: Actuarial Post