Since 2012, BT in partnership with WEALTH at work have rolled out a programme of financial education for its employees to help them plan ahead for retirement. So far, it has been delivered to approximately 80,000 of its UK employees.
The programme aims to help employees who need help understanding their options and how to implement their plan; including retirement goals and considerations, accessing retirement savings, understanding the risks, tax planning and how to seek further guidance and regulated financial advice.
The latest series of retirement planning seminars have seen a take up rate of 73% of registered employees attending the session. Typically, on a rating scale of 1-5 (with 5 being the highest), employees reported that their knowledge improved from 2.7 before financial education, to 4.1 following it. Also, 4.4 out of 5 said that they will take specific actions as a result of attending the education.
Following the programme, 74% of employees reported that they wanted to discuss their personal circumstances and were able to arrange a call with a financial coach. This enables them to discuss any questions they have including the next steps, as well as providing access to an Adviser for those with more complex requirements or who want recommendations on their personal financial situation. This is especially beneficial for those at-retirement due to the complexity involved.
Kerry Shiels, Pension & Benefits Director, BT Group, comments; “It is very important that employees understand their BT pension and the retirement decisions they will need to make in the lead up to and at retirement. We have put thousands of our employees through a retirement programme which consists of financial education and guidance.”
“There is no doubt that the cost-of-living crisis has impacted all but our programme helps employees to manage their finances better to build their financial resilience, so that they don’t need to access their pension earlier than planned.”
“However, all employees will find themselves in different circumstances, so facilitating financial advice (following financial education and guidance) from a trusted retirement specialist provider is also beneficial to help individuals plan for their future.”
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