The majority (97 per cent) of UK employers want to help employees achieve all-round financial wellbeing and not just focus on pension savings, research from Buck has found, with an increasing number of employers also delegating responsibility for their scheme.

Buck highlighted the shift to a more holistic approach to financial wellbeing as evidence of how employer attitudes have changed, noting that 75 per cent of employers wanted to offer access to supplementary savings vehicles for employees, up from 54 per cent when the research was last conducted in 2018.

The trend also extended to financial education and online tools, as the research found that 94 per cent of respondents agreed that members should be able to easily see their company pension alongside other pensions and savings accounts, while just 6 per cent though company pension engagement should be kept separate from personal finances.

More broadly, the research found increasing focus on environmental, social, and governance (ESG) considerations, as 67 per cent of respondents expected to include ESG criteria in the pension scheme investment choices, up from 28 per cent in 2018.

Buck highlighted this as a "big change of sentiment in a relatively small period of time", suggesting that it has mirrored the increased focus this topic has had in legislation and media, particularly in relation to climate-related matters.

In addition to this, the whitepaper found evidence of continued consolidation in defined contribution (DC) pensions, with just 6 per cent of employers wanting to take direct responsibility for monitoring and managing their scheme, down from 24 per cent in 2018.

These findings were also consistent with data from The Pensions Regulator, which found that the number of occupational DC schemes has more than halved since 2012.

Buck UK benefits consulting leader, Mark Pemberthy, suggested that the "continuing march of consolidation" is largely a reflection of government policy, pointing out that TPR has placed a "major focus" on increasing governance standards and member outcomes by encouraging the consolidation of smaller schemes.

"Of course, most consolidation plans require trustees and employers to sacrifice some degree of control over the future of the scheme," he added.

"For some schemes the trade-offs involved will be worth it, but it’s important to stress that there really is no one-size-fits-all model and all parties should collaborate to identify a solution that is right for their members.”

Commenting on the findings more broadly, Pemberthy continued: “Employers can make a huge difference to employee financial wellbeing, especially in the current economic climate.

"Saving for retirement is important, but it is equally important being financially prepared for the short and medium term and this is being reflected in how employers are now thinking about pensions and employee benefits.

“As ever, the success of any initiative depends on the quality of communication and delivery.

"Providing employees with the option of personalising benefits to match their priorities can be powerful, but it is important that these are supported by clear communication and guidance to support positive decision making by employees.”

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