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WEALTH at work designed and delivered a retirement financial education programme to help employees at Samsung’s Cambridge Solutions Centre (SCSC) with their retirement income options.

The retirement financial education programme was introduced at the beginning of 2019 and covered topics such as the retirement income options available, how to generate a retirement income and the applicable tax rules.

Lucy Bedford, HR Adviser, Samsung Cambridge Solution Centre, comments; “The employees at our SCSC site work in a technical environment and already have good financial acumen. However, we felt that as Freedom and Choice in pensions had increased risks and complexity that our employees now face, a bespoke financial education programme was necessary to develop their knowledge around their retirement income options.”

She adds; “The level of detail provided in the financial education delivery was well received by our employees.  It really helped having a presenter who was fully briefed and trained in our specific corporate pension scheme, as it enabled our employees to formulate a plan for their retirement and take away specific actions to implement their chosen plan. This worked far better than any generic information that they had been presented with in the past.”

A feedback form was provided after each seminar to monitor the success of the programme.  The form utilises a scoring system that is marked on a scale of 1 to 5, with 1 being the lowest or most negative, and 5 being the highest or most positive response. On average, employees rated it as 4.4 out of 5 when asked if they would take specific action following the seminar. Employees rated it as 4.8 out of 5 on average when asked if they would recommend the session to a colleague. 65% of employees who attended financial education have asked for a follow up call for further guidance or advice.

Bedford comments; “The response to the seminars was exceptionally positive and employees felt that the sessions were extremely worthwhile and met the needs they identified to us before they attended. We are very pleased with the outcome of our first financial education programme delivered by WEALTH at work and intend to continue working with them to deliver further sessions for employees in the future.”