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Do your employees need to rethink retirement?

2nd December 2014

WEALTH at work recently conducted a survey to help identify the approaches and opinions of a range of companies to see how, and if, they are recognising the growing need to support employees at retirement. The survey targeted key HR, Reward & Benefits and Pension professionals. In total, the research received 105 responses from the following company types:

Company Type

Key findings include:

  • Only 15% of employers believe their employees are making sufficient retirement savings
  • 88% consider professional retirement planning including financial education crucial for their employees
  • 40% of employers believe that their employees will not know where to seek regulated financial advice from
  • Only 23% of participants believe that their employees are well equipped to understand what level of income they will get from their company schemes at retirement
  • 53% of participants believe that their employees aren’t aware of the advantages and disadvantages of each retirement income option available

It is evident that many employees are not getting the support they need at retirement and as a result are often making poor decisions which may impact their income throughout retirement. This has been highlighted in the recent budget where far more flexibility is being introduced from April 2015 to allow individuals to take income from their defined contribution pension savings in a way they choose whilst at the same time making ‘guidance’ a compulsory offering at the point of retirement.

WEALTH at work already work with many organisations to to help employees understand income options at retirement, if you would like to learn more about this please contact us.

Download your copy today:

survey results 2014

Further coverage:

Employee Benefits
Pensions expert

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