Are employers under any legal obligation to look after their employees’ ‘economic well-being’? Should employers give employees financial advice to ensure that they take informed financial decisions, for example, about their insurance benefits and pension? Should employers warn employees if they look likely to take a decision which could have serious negative financial consequences for them?
Traditionally the Courts have emphatically said no!
However, a decision of the Pension Ombudsman given on 22 December 2015 has suggested the answer just might be maybe! Specifically the Ombudsman said that the employer had a ‘duty of care’ to provide the employee with the ‘salient information’ about the implications of a decision he was proposing to take.