New Retirement Income Options Service launched

4th March 2013

It is increasingly acknowledged that one of the biggest financial decisions most people will make in their life is how they will maximise income at retirement. This is so important as making a poor decision can result in lower income throughout retirement often costing the individual thousands of pounds.

This is a big decision as more employees not only have a number of pension pots but often have other investments which may need to go towards funding an income in retirement. When you add to this, the various options available for taking retirement income such as annuities, drawdown and phased retirement it is no wonder employers and employees need support. After a life time of saving employers can now ensure their employees receive the right guidance at retirement by utilising the WEALTH at work Retirement Incomes Options Service which was launched today.

This service provides:

• Financial education – ensures employees understand the retirement income options available
• Internet support tools – helps to support employees on all aspects of retirement with easy access at work, home or on the go
• Helpdesk support – UK based helpdesk to answer basic questions on Retirement Income Options
• Annuity broking service – advice available either face to face or over the phone, this service ensures your employees receive the best annuity rates available
• Regulated advice – provides full review of Retirement Income Options in a written report
• From a retirement survey conducted* by WEALTH at work, it was revealed that employers believe only 18% of employees are aware of the various retirement income options available and as few as 13% are aware that they no longer have to purchase an annuity.

The research also revealed that 71% of employers believe there will be an increased requirement for specialist advice at retirement.

Jonathan Watts-Lay, Director, WEALTH at work comment, “We are delighted to launch an integrated retirement income service. WEALTH at work already provides retirement services to many companies across the UK so this extended service will ensure employers and employees are able to access a service which is right for them.  More companies are now realising that their employees need to make important choices – not only about when they want to retire but also how they can maximise their income in retirement. After what may be 40 years of saving into the Company pension it is absolutely critical that employees understand their options.”

For further coverage please see Employee Benefits.