Hymans Robertson launches project to help employers tackle pension income adequacy

Hymans Robertson has started a three-year project to help companies prepare for future pension adequacy. 

The pensions and financial services firm said more responsibility will fall on businesses to ensure workers have enough for retirement, as companies are expected to play a bigger part in tackling the UK retirement crisis. 

The firm said it is vital for businesses to act early or risk problems later, with workers who have not saved enough having to make tough choices about when they retire or how long they work.

Research from Hymans Robertson found that 35% of companies thought employers should make sure staff have a suitable retirement income. 

The firm added that companies that take action now can avoid being caught out by changes to the retirement system.

Leonard Bowman (pictured), head of corporate consulting at Hymans Robertson, said: “From our annual survey of UK companies, 35% of employers believe that the responsibility for ensuring employees have a suitable retirement income sits with them.  

“Whilst this is already a sizeable proportion of UK companies, we expect that percentage to climb dramatically over the next few years.  

“We believe the proactive role of companies in addressing adequacy in retirement will be fundamental to the UK retirement landscape over the coming decades.”