Old Mutual SME Employee Benefits Monitor for 2015

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2 Our ability to see the bigger picture fully supports your entrepreneurial thinking, because the more meaningful a business becomes to its employees, the more effort employees make to bring about success. We therefore present you with the first edition of the Old Mutual SME Employee Benefits Monitor for 2015 insightful and supportive information regarding employee benefits and retirement solutions to guide you towards future success. Research was conducted by Livingfacts and produced for Old Mutual

3 CONTENT 01 INTRODUCTION 02 RESEARCH OBJECTIVE AND SURVEY SAMPLE 03 SUMMARY OF FINDINGS DETAILED FINDINGS SME OVERVIEW SME confidence in SA economy Key SME challenges EMPLOYEE BENEFITS OVERVIEW Perceived value of employee benefits Perceived responsibility for employee benefits provision Provision of employee benefits by SMEs RETIREMENT FUNDING Retirement fund preferences Perceived responsibility for retirement funding Employees preparedness for retirement Unique SME retirement funding requirements The ideal retirement fund for SMEs Member Level (ML) investment choice Preservation EMPLOYEE BENEFIT SERVICE PROVIDERS Reasons for choosing service providers Confidence in solutions and solution providers

4 INTRODUCTION Over the past decade, the Old Mutual Retirement Monitor and the Savings Monitor have become trusted indicators of the savings and investment trends of South Africans from all walks of life. This first edition of the Old Mutual SME Employee Benefits Monitor for 2015 expands this trusted suite of annual research documents by including valuable insights into the key trends, issues and challenges of South Africa s small and medium businesses. Given the unanimous agreement across both public and private sectors that Small and Medium Enterprises (SMEs) hold the key to South Africa s continued socio-economic development most notably through the creation of employment opportunities we believe the findings of this, and future SME Monitors will be invaluable to all stakeholders in our country s future. Importantly, while the research that informed the content of this Old Mutual SME Monitor 2015 was conducted with small and medium enterprises and their staff, we firmly believe that the findings are relevant to all businesses that embrace and promote an entrepreneurial spirit and culture within their organisations. Our intention going forward is to conduct this SME Monitor research at least every two years, alternating it with the research into the other Monitors produced by Old Mutual. As the content and findings of all these studies clearly dovetail with each other, we recommend that all three are read in conjunction to ensure a full view of the savings, retirement and employee benefits situation in all areas of South African business and society. I trust you will find the content of this SME Monitor informative and valuable, particularly if you are involved in business as an owner, manager, investor or employee. If there s anything further you need to know, visit DOUG CLOTHIER GENERAL MANAGER: OLD MUTUAL SME SEGMENT 02

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6 02 RESEARCH OBJECTIVE AND SURVEY SAMPLE ABOUT THE RESEARCH While it is widely accepted that SMEs are a vital component in the development of the South African economy and the empowerment of all its people, little recent research exists into if, and how, SMEs are financially empowering their staff through the provision of employee benefits offerings. This Old Mutual SME Employee Benefits Monitor 2015 is the first of what is intended to become a biennial publication providing detailed research insights into employee benefits within South African SMEs. The independent research for this SME Monitor took place, with SME decision makers, employees and brokers, over three months with interviews taking place between July and September The survey questions were designed to deliver insights into various aspects of SME employee benefits including: Attitudes towards employee benefits in SMEs; Perceptions of the need for, and provision of, employee benefits by SMEs; Levels of preparedness of retirement amongst SME employees and their staff; General knowledge and understanding of employee benefits; Driving factors behind the prevalence (or lack thereof) of employee benefits in SMEs; Decision drivers regarding the selection of employee benefits and employee benefit providers While this SME Monitor is focused on providing the above insights, it forms part of Old Mutual s series of research monitors, including the Old Mutual Retirement Monitor and the Old Mutual Savings and Investments Monitor. To derive maximum benefit from the content of these documents, it is recommended that they are read and analysed together. Electronic versions of all the Old Mutual Monitors can be downloaded at 04

7 SURVEY SAMPLE The survey comprised two components, namely: an investigative, or qualitative, phase, that involved face-to-face interviews with 30 decision makers and 30 brokers; and a quantitative phase involving telephonic interviews conducted with 503 employees and 514 decision makers (owners, managers) from SMEs across South Africa. To qualify for inclusion in the survey, SMEs were required to have an annual turnover of between R2 million and R200 million and employ more than 10 staff members. The SME sample was controlled by industry sector, using the dti s Annual Review of Small Businesses ( ) and the Absa SME Index 2012 as a guide. SME decision makers and staff believe that most people will need between 70% and 89% of their current salary in order to maintain their quality of life once they retire. 05

8 SAMPLES DECISION MAKERS IN SMEs Percentage of sample by industry/sector (as indicated by SME decision makers) 16% Wholesale & Retail Trade 17% Manufacturing 0,5% Electricity, Gas & Water 5% Motor Trade & Repair Services 1% Mining & Quarrying 7% Transport & Storage 12% Finance, Brokers & Insurance 14% Business & Professional Service 6% Community, Social & Personal Services 15% Construction 1% Catering, Accommodation & other Tourism 5% Agriculture 1% Communication 0,5% Entertainment Percentage of sample by annual business turnover (as indicated by decision makers) 62% Small Businesses (R2m R31m) 27% Medium Businesses (R31m R200m) Undisclosed 06

9 Percentage of sample by number of employees (as indicated by decision makers) 38% are 10 to 20 Employees 36% are 21 to 50 Employees 17% are 51 to 100 Employees 10% are 101 to 200 Employees 63% of the SMEs included in the sample have been in business for more than 15 years. None of the SMEs are younger than 5 years old. 88% of SME decision makers and staff surveyed agree that the preservation of retirement savings is important. However perceptions by SMEs of likely or actual preservation activity shows a clear gap between this understanding and the incidence of preservation. 07

10 SAMPLES cont. STAFF MEMBERS OF SMEs Percentage of sample by region/sector 55% Gauteng 15% KwaZulu-Natal 17% Western Cape 4% Eastern Cape 2% Free State/Central 1% Limpompo 3% North West 3% Mpumalanga Percentage of sample by position/level in company 2% Executive 13% Senior Management 22% Middle Management 6% Supervisor 59% Other Staff in Administration and Sales/Production, Stores and Factories This SME Monitor outlines the findings of the survey according to the responses by SME decision makers and staff, as well as comments by brokers. 08

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12 03 SUMMARY OF FINDINGS SME CONFIDENCE SME decision makers largely feel that their own businesses are sustainable in the long-term. Most SMEs have not felt sufficient government support yet. Legislation does not make it easy for SMEs to do business. 35% of decision makers feel that SMEs have a higher staff turnover than larger business. SME EMPLOYEE CONFIDENCE Respondents generally believe that most people will need between 70% and 89% of their current salary as income when they retire. Only 54% of SME staff believe they will be in a position to self-fund retirement. Those who have to rely on others typically say they will need to rely on the government, their children or other family to survive post-retirement or continue working. 10

13 IMPORTANCE OF EMPLOYEE BENEFITS TO SMEs AND THEIR STAFF The majority of SME decision makers and staff believe that the employee benefits offered by a business play an important part in attracting employees. DO POTENTIAL STAFF CONSIDER EMPLOYEE BENEFITS? 64% DECISION MAKERS 69% STAFF SHOULD RETIREMENT FUNDING BE A PRIORITY FOR SMEs? 79% 90% DECISION MAKERS 90% STAFF BROKERS 11

14 IMPORTANCE OF EMPLOYEE BENEFITS TO SMEs AND THEIR STAFF cont. IS RETIREMENT FUNDING ON THE AGENDA OF AN SME? YES 34% NO 66% Decision makers YES 53% NO 47% Staff YES 48% NO 52% Brokers HOW MANY OFFER ANY EMPLOYEE BENEFIT? 72% DECISION MAKERS 63% STAFF MOST BROKERS BELIEVE LESS THAN 50% OF SMEs OFFER HOW MANY OFFER RETIREMENT FUNDING? 60% DECISION MAKERS 51% STAFF MOST BROKERS BELIEVE LESS THAN 50% OFFER ANY BENEFIT 12

15 RESPONSIBILITY FOR EMPLOYEE BENEFITS PROVISION Most respondents feel that the responsibility for employee benefits should be shared by both the company and its employees: Staff responsible for own well-being Both parties responsible for staff well-being Company responsible for staff well-being DECISION MAKERS EMPLOYEES 20% 50% 30% 25% 40% 35% KEY DRIVERS OF SMEs DECISION TO OFFER EMPLOYEE BENEFITS 5. Stage of Business 1. Company Cash Flows 4. External Pressure Legislation or Union DRIVERS OF EMPLOYEE BENEFIT ENGAGEMENT 3. Need to Attract & Retain Skilled Staff 2. Mindset of Owners Social responsibility or a view that staff leave 13

16 SMEs KEY DRIVERS OF WHICH EMPLOYEE BENEFITS TO OFFER DRIVERS OF CHOICE OF BENEFITS: Who Drives The Decision: Employer vs. staff, Broker influence Who Drives Appeal to Staff: Employer vs. staff, Broker influence Knowledge & Education: Decision makers, Broker influence Simplicity of Implementing and Managing Legislation or Industry Requirements Affordability: Lower contribution, Who pays Typically, companies with 20 or more employees, consider offering a Group retirement Fund. 14

17 HOW SMEs TYPICALLY CHOOSE AN EMPLOYEE BENEFITS PROVIDER PRODUCT Performance Options Total Solution/Product Range Flexibility COST PROVIDER Track Record Brand Reputation Stable SERVICE Easy to Deal With Skills/Expertise/Advice BROKER HAS INFLUENCE Expert Advises Single Point of Contact Understands You and Products WHY DON T SOME SMEs OFFER EMPLOYEE BENEFITS? The seven main reasons, cited by decision makers, why SMEs in South Africa may not be offering employee benefits are: 1. Affordability willingness to offer employee benefits depends on turnover, as it is costly 2. The business is too small 3. Perception that employees should make their own provision 4. Prefer to provide higher salaries 5. Perceived to be too administratively intensive 6. High staff turnover makes it unviable 7. Staff don t want to contribute

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19 DETAILED FINDINGS: OVERVIEW OF SMES IN SOUTH AFRICA SME CONFIDENCE IN THE SA ECONOMY Despite economic challenges, decision makers largely feel that their own businesses are still sustainable in the long-term and they have the necessary skills and capacity to deliver on their business objectives and strategies. However, most also feel that government does not sufficiently support SMEs in South Africa and that legislation in this country does little to make it easier to do business here. There was strong agreement from respondents that the cost of business has increased significantly in the past year and that the business environment in South Africa is more competitive than before. KEY SME CHALLENGES According to the feedback from decision makers who participated in the survey, the following are the main issues and challenges facing SMEs in South Africa at present: ECONOMIC CHALLENGES The continued difficult economic situation in the country Rising expenses versus lower income Lengthy payment terms resulting in cash flow problems Increasing competition particularly from international players and cheap imports LEGISLATIVE CHALLENGES Onerous government policies and a lack of government support Stringent requirements and regulations for SME sector TALENT CHALLENGES Lack of skilled labour Difficulty retaining qualified staff after investing in their training Increasingly legislated labour environment 17

20 Decision makers in SMEs largely (84%) believe that these businesses attract a different profile of staff member than large corporate organisations and 71% of staff say it is different working in an SME. 35% of decision makers also felt that SMEs have a higher staff turnover than larger business. The primary reasons given for this are: SMEs are unable to compete with corporate salary packages (79%) SMEs are unable to offer large company benefits (73%) From an SME employee perspective, most are confident that they will keep their jobs for the next year and there was a 77% agreement that it is unlikely that they will be retrenched. However, confidence in their retirement plan is average at 63% and most do not feel that they are in a better position financially than they were one year ago. There is also not a significant amount of confidence shown by SME employees in the South African economy at present. Think I will stay in my job for at least the next year Think it is unlikely I will be retrenched Confident I am able to make good financial decisions Confident about my financial retirement plans Compared to one year ago my personal financial situation is better Feel confident about the South African economy % Agreement 18

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22 DETAILED FINDINGS: SME EMPLOYEE BENEFITS OVERVIEW PERCEIVED VALUE OF EMPLOYEE BENEFITS The majority of decision makers (64%) and SME staff (69%) interviewed believe that the employee benefits offered by a business play an important part in attracting employees. The reasons for this belief include: Recognition of the need for retirement saving (particularly among employees older than 35). An expectation by skilled staff that employee benefits will be provided by their employer. Cost saving it s cheaper than if you were to pay for these benefits as an individual A widespread requirement for funeral benefits. Respondents who said employee benefits were not important factors of which company to work for, gave the following as the primary reasons: Employees need cash more than benefits. Employees are not educated enough about employee benefits. Prospective employees are only interested in securing the job, not the extra benefits it offers. Most employees do not have a savings mindset. Many employees believe that the government will take care of them. Current economic and employment circumstances are having an influence on company selection, with many employees accepting jobs even if these don t offer them the full benefits they desire. 20

23 PERCEIVED RESPONSIBILITY FOR EMPLOYEE BENEFITS PROVISION When asked who has ultimate responsibility for the long-term well-being of SME employees, most respondents felt the responsibility should be shared by both the company and its employees. Responses by decision makers and employees showed relatively close alignment: Staff responsible for own well-being Both parties responsible for staff well-being Company responsible for staff well-being DECISION MAKERS EMPLOYEES 20% 50% 30% 25% 40% 35% Typically, the results pointed to younger and less skilled employees leaning more towards a belief that the provision of employee benefits is primarily the responsibility of the company. One reason why SMEs may not offer employee benefits is the perception that staff should make their own provision. 21

24 PROVISION OF EMPLOYEE BENEFITS BY SMEs When asked whether SMEs are, in fact, providing sufficiently for the well-being of their employees, the variance between responses by decision makers and staff members increased: DECISION MAKERS EMPLOYEES Company HAS NOT provided adequately for employee well-being Company has made some provision, but NOT ENOUGH Company HAS provided adequately for employee well-being 19% 39% 42% 29% 34% 37% The percentage of SMEs providing employee benefits increased as the turnover and staff complement of these businesses went up. 2 7 Million Million to Million to Million Million to Million to % Responses % Responses 22

25 WHY DON T SOME SMEs OFFER EMPLOYEE BENEFITS? The seven main reasons, cited by SME decision makers, why SMEs in South Africa may not be offering employee benefits are as follows: 1. Affordability willingness to offer employee benefits depends on turnover, as it is costly 2. The business is too small 3. Perception that employees should make their own provision 4. Prefer to provide higher salaries 5. Too administratively intensive 6. High staff turnover makes it unviable 7. Staff don t want to contribute SMEs believe themselves to be unable to compete with corporate salary packages and large company benefits. 23

26 EMPLOYEE BENEFIT PREFERENCES AMONGST STAFF The employees interviewed showed a clear preference for retirement funding and some type of medical cover as the two most important employee benefits. Funeral cover was the third most sought-after employee benefit. Retirement Fund 92 Medical Aid 82 Funeral Cover 17 Disability Cover Life Assurance Income Protection Critical Illness Education Benefit Special Sick Benefits such as HIV, TB, Cancer % Responses Decision makers in SMEs largely believe that these businesses attract a different profile of staff members than large corporate organisations. 24

27 VALUE OF TOP THREE MOST SOUGHT-AFTER EMPLOYEE BENEFITS FOR STAFF AND COMPANIES RETIREMENT FUND MEDICAL AID FUNERAL COVER BENEFIT TO COMPANY Makes the company more attractive Satisfies a moral obligation Makes the company more attractive Limits sick leave /increases productivity Makes the company more attractive Fewer staff loans Satisfies a moral obligation BENEFIT TO EMPLOYEE Rewards long service Provides security Forced savings Improved healthcare Reduces financial burden of funerals 25

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29 DETAILED FINDINGS: RETIREMENT FUNDING PERCEIVED BENEFIT TO SMEs OF OFFERING A RETIREMENT FUND RETIREMENT FUND COMPANY STAFF Forces staff to save 87 % Responses 88 Rewards long service Fulfils a moral obligation to your staff/ provides you with peace of mind Provides staff with security Makes the company a more attractive option for potential staff Addresses low government pensions Fulfil a long-term staff need Is something all staff need

30 RETIREMENT FUNDS AND SME SIZE The research findings among SMEs indicate that access to employee benefits increases proportionately with company size: The percentage of SMEs offering some type of group retirement funding differs significantly by turnover. For companies with a turnover of less than R13 million less than 50% offer retirement funds. 70% of companies with a turnover of R50 million and more, offer such retirement funds to their employees. Typically, only companies with 20 or more employees consider offering a Group Retirement Fund. Group retirement funding also increases with the longevity of the SME. Once companies have been in business for 15 years or more, they appear more likely to offer retirement funds. Many employee respondents say they will need to rely on the government, their children or other family to survive post-retirement or will have to continue working. 28

31 RETIREMENT FUNDING AS AN SME PRIORITY Asked whether SMEs should be making the provision of retirement funding to staff a business priority, 79% of decision makers said that they should, while 90% of staff and 90% of brokers agreed. The main reasons given by decision makers for saying that retirement funding should be a priority for SMEs were as follows: SOCIAL CONSCIENCE Employees don t save and so the company must force savings The right thing to do Protects the family Staff not adequately educated/aware of retirement planning BUSINESS DECISION Rewards long service/loyalty Necessary to retain staff Provides security which is important Provides peace of mind Perceived to be more cost effective than if done individually INADEQUATE GOVERNMENT SUPPORT Necessary for retirement as the government pension is not enough Relieves tax burden of having to support pensioners 29

32 66% of decision makers, 47% of staff and 52% of brokers believe that retirement funding provision is currently NOT on the business agenda for most SMEs in South Africa. The reasons given by SME decision makers for this lack of focus by SMEs on retirement funding provision include: DECISION MAKERS REASONS FOR NOT PROVIDING RETIREMENT FUNDING 1. Financial constraints in SME businesses 2. The cost is too high 3. SMEs are just trying to survive 4. It s the individuals choice/must look after oneself 5. It s much of an administrative burden 6. High staff turnover 7. Lack of knowledge of the options available 8. Staff don t want to pay for it 9. Not incentivised to offer it 10. Too few employees to make it worth their while to do anything Most SME decision makers feel that government does not sufficiently support SMEs in South Africa. 30

33 PERCEIVED RESPONSIBILITY FOR RETIREMENT FUNDING When asked who has the main responsibility for ensuring that employees are saving towards their retirement, the responses were as follows: Shared equally between employer and employee Staff only Company only DECISION MAKERS EMPLOYEES 59% 19% 9% 68% 12% 3% In terms of who has the responsibility to pay for such retirement funding, 88% of decision makers felt that this was also shared equally, with 61% of these saying that the payment should be split 50:50 between staff member and employer. EMPLOYEES PREPAREDNESS FOR RETIREMENT There is generally a fairly good understanding of the typical retirement funding requirement for employees. SME decision makers and staff believe that most people will need between 70% and 89% of their current salary in order to maintain their quality of life once they retire. Most respondents felt that in order to deliver this level of post-retirement income, employees need to be investing at least 20% of their current salary into a retirement fund of some sort. Despite this understanding, only 54% of SME staff surveyed believed that, based on their current retirement savings, they will eventually be in a position to self-fund their retirement. This perception or preparedness differed vastly according to race, age, gender and current employment position. 31

34 PERCENTAGE % OF STAFF WHO BELIEVE THEY CAN SELF-FUND BY POPULATION GROUP White Black Coloured Indian % Responses Executive 33 BY AGE BY LEVEL IN THE COMPANY Senior Management Middle Management Supervisor Other staff in administration & sales Other staff in production, stores & factories 18 to to to to % Responses 55 to % Responses 32

35 Decision makers surveyed believe there is a clear trend in terms of certain employees being less prepared than others for retirement. According to them, the less prepared staff are typically: Those in lower income brackets mainly as a result of affordability issues, lack of knowledge, belief that government will provide and low contributions. Young employees who think they still have lots of time to prepare for retirement or have too many other priorities and expenses relative to their income. Staff members who change jobs and withdraw benefits. Staff members who are in debt or living beyond their means. SME staff who believe they are not adequately prepared for retirement, say they will rely financially on the following people or institutions to support them once retired: CHILDREN 14% GOVERNMENT 26% Blue collar staff in the organisation have a stronger reliance on government. COMBINATION OF CHILDREN AND GOVERNMENT 16% FAMILY 26% CONTINUE TO EARN INCOME 4% 33

36 PRESERVATION 88% of SME decision makers and staff surveyed agree that preservation of retirement savings is important. However, perceptions by SMEs of likely or actual preservation activity shows a clear gap between this understanding and the incidence of preservation. 52% of SMEs believe that less than 20% of staff preserve all their retirement monies when leaving or changing jobs. 60% of SMEs believe less than 20% of staff withdraw a small portion in cash and preserve the rest. 50% of SMEs believe 80% or more of staff take all or most of their benefit in cash. The main factors that SMEs believe impact on members not preserving their retirement benefit are as follows: Desire to access cash 81 A lack of awareness of preservation options Lack of advice on how to preserve Withdrawal benefit is too small to preserve Fear of making the wrong decision 50 Cost of transferring to another fund Strong influencer to preserve % Responses Strong influencer not to preserve 34

37 USAGE OF MEMBER LEVEL INVESTMENT CHOICE 39% of SMEs offering retirement funds say these funds include member level investment choice. However, a third of the SMEs offering this choice say that more than 90% of their employees prefer to select the default investment option. Respondents across staff and decision makers agreed that the main reasons for so many members opting for the default investment option are: They are not financially educated or astute to make investment decisions. They want less risky investments. They simply do not specify a different preferred investment option. Based on these responses it becomes apparent that education of staff around the following issues is critical: Retirement benefit values and projections. How investments work and the choices offered. How to make changes as life circumstances change. The cost of business has increased significantly in the past year and the business environment in South Africa is more competitive than before. 35

38 UNIQUE SME RETIREMENT FUNDING REQUIREMENTS Most of the SME decision makers believe that their businesses have unique requirements in terms of their retirement fund solution. Unique Requirements 11% Don t know 53% Yes 36% No The primary requirements were listed as follows: COST PRODUCT ADMIN RETURN PRESERVATION EDUCATION Lower costs /cheaper (53%) Flexibility in the make-up of the product (30%) Simplicity/ ease of understanding the product (23%) Being able to add options on when needed/ or afforded (16%) Automated or very easy decision making with regard to investment choices (5%) Easy to implement (16%) Low administration burden (14%) Excellent administration and claims process (11%) Growth on retirement fund/good growth/ good returns /return on investment (9%) Secure/ safe/not too risky/ reliability (5%) A way to limit withdrawals /taking the cash (7%) Education for staff (17%)

39 GOVERNMENT SUPPORT OF RETIREMENT FUNDING AMONGST SMEs SME decision makers were asked how they felt the SA government could encourage uptake of retirement funding provision amongst SMEs in the country. The five areas of government support/intervention receiving the most responses were: 32% PROVIDE TAX BENEFIT/ INCREASE TAX BENEFIT 18% CONTRIBUTE TO PREMIUMS 10% MAKE RETIREMENT FUNDING COMPULSORY 9% MAKE RETIREMENT FUNDING MORE AFFORDABLE 8% EDUCATION ON THE IMPORTANCE OF RETIREMENT FUNDING NOTE: % RESPONSES 37

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41 DETAILED FINDINGS: EMPLOYEE BENEFIT SERVICE PROVIDERS REASONS FOR CHOOSING RETIREMENT FUND PROVIDER SME decision makers listed the following as their primary reasons for selecting a given retirement fund service provider: Detailed breakdown of all decision drivers in SME retirement fund provider choice Financial stability/stability Fees charged Reputation Track record Performance Ability to provide a total packaged service Skills & expertise Range of choice of investment Service provided to staff Flexibility Service provided to company Advice/recommendation of consultants Investment philosophy Education/Communication to staff Size of company Management team Asset classes % Responses 39

42 Trustworthiness, stability, reliability, good products, and meeting specific needs featured as constant decision drivers for all SMEs when choosing a retirement fund provider. Broker vs. Direct There is a fairly even split between SMEs choosing to deal directly with service providers (52%) for their employee benefits requirements and those who choose to work with brokers (48%). Responses reveal that the bigger the SME, the more likely there is to be a broker involved. The main reasons given for either choice are as follows: REASONS FOR BROKER REASONS FOR DIRECT 1. More knowledgeable 2. Single point of contact 3. More convenient 4. More likely in businesses with more than 50 employees 5. A bigger % of older businesses deal through brokers 1. Cheaper 2. Quicker problem resolution 3. More likely to be a newer business 4. Where more responsibility is placed on staff to look after themselves 40

43 CONFIDENCE IN RETIREMENT SOLUTIONS Those SMEs that offer retirement funds demonstrated fair levels of confidence in those funds and their providers, but not all think they will be adequately provided for: DECISION MAKERS CONFIDENCE INDICATOR COMPANY RETIREMENT FUND WILL PROVIDE ADEQUATELY ADMINISTRATION IS DONE PROPERLY INVESTMENT RETURNS ARE IN LINE WITH EXPECTATIONS COSTS ARE REASONABLE PERCENTAGE RATING Staff of SMEs that offer retirement funds largely mirrored these confidence levels, however, there is room for improvement in terms of staff confidence in the adequate provision and claims process ease indicators. STAFF CONFIDENCE INDICATOR COMPANY RETIREMENT FUND WILL PROVIDE ADEQUATELY CLAIMS PROCESS IS EASY ADMINISTRATION IS DONE PROPERLY FUND IS EASY TO UNDERSTAND PERCENTAGE RATING

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