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Making the best selection
13th June 2014
With the chancellor’s announcement on the Budget 2014 on how defined contribution (DC) pension scheme members will no longer be required to buy an annuity, employers now have to re-think their retirement communication strategies.
Jonathan Watts-Lay, Director, WEALTH at work comments in Employee Benefits on how the Chancellor’s announcement will spark renewed interest in workplace savings products and services, creating a more level playing field where pensions are simply one of a range of savings products that staff can use to build their retirement pot.
Employers should therefore focus on communicating the workplace savings tools staff can use to invest and draw down their pension.
“There will be a lot of debate around what is the most tax-efficient and appropriate way for employees to take their income, which should be a shared consideration for employers and employees,” says Watts-Lay. “I think we’ll now see a lot of employees juggling between products.”
Please see employee benefits making the best selection (572 downloads) to learn more.
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