We have just returned from the Christmas holidays, but many employees receiving their annual pension statements in December would not have been feeling festive.
This is an anecdote I heard from a friend at another company. An ashen-faced colleague had turned to her, saying: “My pension fund is half the value it was last year. How on earth did that happen? I’m 60. I don’t have time to make it up again.”
Making matters worse, this person’s HR department was unprepared for the emails and calls that followed from similarly worried employees, my friend among them, and the DC provider itself had offered nothing beyond a few words about “market volatility” and best wishes for the season.
Auto-enrolment has been a success in the UK, but enrolment is just the beginning of the journey. This particular woman is near the end of the journey, and her arrival is not a happy one.
We hope this newly launched Funds Europe DC report and related events we’ll be hosting will help you shape an industry where success spans a lifetime.
Nick Fitzpatrick, group editor, Funds Europe
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