UK Businesses Are Not Ready for Pension Changes

A recent research carried out by Aon Hewitt, global human resources company, showed that almost a quarter of UK businesses are not ready for auto-enrollment into NEST, the pension fund which is to start functioning in 2012.

Aon Hewitt revealed that 23% of companies still have to get ready for the changes.

The firm also learned that the average pension of Brits aged 30+ fell from £19,442 to £18,283 last month.

Commenting on the findings, Mr. Strachan of Aon Hewitt said that employers as well as employees need advice on financial planning for retirement years. He highlighted that "employers need to consider how the new auto-enrolment regime will affect them and to ensure that their arrangements are fit for purpose" whereas "employees require both guidance and reassurance from their employers."

This is regarded by many British financial advisers as a great opportunity to expand their businesses by providing UK companies with detailed information on pension options.