A powerhouse for change - Article by Phil Bartlett in the Daily Telegraph
12 Nov 2012
Auto-enrolment is an opportunity for employees and employers to improve pension provision in the UK and is one we should all embrace.
However, set against the growing dissatisfaction with pensions in the private sector, rises in employee contributions and reforms to public sector pensions, the likelihood of people choosing to opt out of pension provision altogether is increasing. High volumes of opt-outs will place a further cost burden on members and taxpayers,and the legislative intent, not to mention our personal aspirations for later life, would not be realised.
Change itself is a powerhouse and requires clarity and shared understanding. MyCSP recently proved the value of communication and engagement when, the leadership team delivered a comprehensive engagement and communication programme to support major transformation.
The value of this approach was proven when 72 per cent of employees participated
in our first people survey – a positive result given that mature high performing employee-owned organisations expect a 75 to 85 per cent response rate.
MyCSP’s work on pension scheme member-insight tells us employees must be engaged and understand the pension on offer in order to appreciate its value and make informed decisions. Yet research reveals a lack of understanding of pensions amongst many. Autoenrolment is no exception.
Communication and education will be key to its success and employers have a vital part to play in providing this for their employees.
What if there was a service from a pension organisation experienced in significant transformational change, ready to support employers and employees to understand the changes required of them and the benefits of those changes? With this in mind MyCSP has launched its new employer training and engagement service MyCSP training and employee engagement services.
Orginally published: Article by Phil Bartlett, 23rd September 2012, Daily Telegraph.Back to news