WEALTH at work research has found that nearly a third of working adults worry about being unable to afford to retire when they want, and 41% know they are not saving enough for a comfortable retirement.
Employees are often ill-prepared for the complex challenges that lie ahead as they approach retirement and many struggle to understand essential information such as tax, inflation risk or how investments and retirement income products even work.
Further research suggests these issues are a great concern for Trustees – with 89% worried that their pension scheme members don’t understand the tax implications of accessing their pension and 70% concerned about a lack of engagement with members at retirement.
Jonathan Watts-Lay, Director, WEALTH at work, joined Professional Pensions in a webinar to discuss these issues. The webinar looked at how to engage people with their pension throughout their working life (in early and mid-career as well as pre-retirement) and also assessed how best to help members understand the choices that are to be made at retirement.
It also looked at how things such as financial education, mid-life MOTs, one-to-one financial guidance and regulated financial advice can be used to boost engagement and improve member understanding.
If you would like to speak to us to discuss how best to engage your members with their pensions, please contact us.
