A recent survey conducted by WEALTH at work has revealed that 85% of employers will provide some sort of sponsored support.
In a recent survey conducted by WEALTH at work, it was revealed that 85% of respondents will provide some sort of employer sponsored support through a combination of communications and/or financial education and/or advice following the various legislative changes.
Jonathan Watts-Lay, Director, WEALTH at work, comments, "There is an increasing need to provide support to individuals including financial education and specialist retirement advice. Retirement planning allows them to understand their retirement income options. This is crucial to ensure the correct decision is made whether looking at annuities, drawdown, flexible retirement or a combination."
He adds, "The removal of the default retirement age will see many employees choosing some form of flexible retirement where they may take part of their pension benefits, yet remain in employment on a part time basis. Of those surveyed, 49% of respondents already make this available to employees with a further 21% intending to do so. Yet, the remaining 30% do not inted to offer flexible retirement. The option to continue in work will help those who wish to continue saving for retirement beyond traditional retirement age, which is likely to be out of necessity for some."
Please see Employer support is essential following significant changes to retirement rules PDF attached.
To view our most recent survey results, please click here.
