Employers hold the key to improving retirement outcomes, says Hymans Robertson

Employers are set to take on most of the responsibility for tackling the UK’s retirement adequacy crisis, according to research from Hymans Robertson. 

The firm’s latest paper, launched as part of its three-year Retirement Adequacy Project, found that although employers already face plenty of pressures, they will need to step up and address the challenge of retirement adequacy to deliver real change. 

The report also noted that providers, the state and individuals all have a part to play, but the employer is central to improving outcomes.

The research highlighted that employers are well placed to provide savings and connect all other stakeholders, putting them at the heart of the retirement adequacy solution. 

Individuals have the most knowledge of their own circumstances but less understanding of pension systems. 

Leonard Bowman, head of corporate at Hymans Robertson, said: “Retirement adequacy is one of the most pressing challenges facing individuals in the UK today. 

“The potential risks to employers if it is not addressed are wide ranging and serious. 

“While individuals, providers and the state all play a role, none have the same combination of reach and influence as employers.”