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Do employees know how much they have saved for retirement?
28th February 2017
Recent research by Portus Consulting has indicated that only 11% of employees are actually confident they can accurately estimate the value of all their retirement savings and investments, and 7% have no pension funds at all. The research also found that 17% have built up three or more pension funds in their career.
Jonathan Watts-Lay, Director, WEALTH at work a leading provider of financial education, guidance and advice in the workplace, comments; “It’s a worrying problem that individuals are unaware of how much they have saved for retirement – and even more so that some have no retirement provision at all. Whilst this may be due to affordability or simply choice, it may be a result of employees not understanding their pension schemes or the financial benefits of saving more.”
He continues; “We increasingly see employers putting in place professional provided financial education programmes, supported by regulated advice, to help address these issues. Those employees with multiple pension pots are often better off consolidating them in one place where they can be viewed alongside other savings, such as ISAs, which may be used for income in retirement. The good news is that employer sponsored ‘retirement planning’ services are increasing as a result of the Freedom and Choice regulations, as employers realise the increasing risks to them and their employees of doing nothing.”
To read the full article in Reward, please click here.
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