Pension changes survey our results 2015.

3rd December 2015

WEALTH at work recently conducted a survey, its aim was to understand the attitudes and opinions of a range of UK companies in recognising the need to support their employees as they approach and reach retirement.

Please click below to see our survey results.

Key findings include:

• Only 11% of employers believe their employees are saving enough for their retirement
• When employees do not select a glide path, 43% of employers will still default employees to an annuity tracked glide path, this is despite a significant fall in annuity purchase as a preferred option for employees
• Over a quarter (26%) of employers do not allow employees to take money from their pension (age 55) whilst they are still working for them
• Almost one third (32%) of employers do not provide access to the new pension flexibilities in their scheme at-retirement
• 40% of employers do not offer their employees financial education around the pension flexibilities at-retirement

Since the pension changes came into place, both employers and employees have had to adapt to the many new options and decisions that they now face. Although many employers are now recognising this, there is still much more that can be done to support employees in the years before retirement, as well as at the point of retirement, if retirement income is to be optimised. After all, without the right financial education, guidance and advice employees could be left incredibly vulnerable to making poor decisions.

For more information, please contact us.