Watts-Lay comments; “With employees blissfully unaware of the risks surrounding accessing their retirement income, many will make poor choices which ultimately means they will receive less income in retirement than they could have achieved. Worse still, this is heightened by the lack of workplace support which may result in costly mistakes such as paying too much tax, buying inappropriate products or even falling for a devious scam.”
He continues; “However, this doesn’t have to be the way as employers are perfectly placed to tackle this problem. Much can be learnt from forward thinking employers and trustees who are now bringing in specialist retirement providers to deliver the support employees require to achieve financial security in retirement. This includes the provision of financial education, guidance and advice to ensure employees are fully informed when facing life changing decisions about their pensions and lifetime savings.”
Watt-Lay adds; “I cannot stress enough the importance of employers and trustees doing everything in their power to ensure that the right level of support is provided.”
Further coverage can be found in: Employee Benefits, The HR Director, Incentive and Motivation, Money Age, Pensions Age and Personnel Today.