How much does your workforce know about pensions and, in particular, your Workplace Pension Scheme? Research from the ONS tells us that most people don’t know enough. As an employer, pension contributions are a significant expense and making sure employees fully understand the investment you are making in their futures is worthwhile.
Doing this can help to drive loyalty and engagement within a business and help create a positive and supportive workplace culture. ONS research also tells us that an improvement in financial wellbeing and workplace culture can help increase productivity and ultimately, your bottom line.
So, as it was Pension Awareness Week this month, why not use the opportunity to find out a little more about what you could be doing with your employee benefit arrangements to benefit both your business and your employees.
In the first instalment, we look at workplace pensions in general. Automatic-enrolment is now fully rolled out so the chances are most of your staff are already in your workplace pension scheme. But how well are you communicating this? And are you making the most of the savings available?
In the second piece, we look at the state pension. Most of your staff will be paying National Insurance, so they will also be building up their State Pension benefits. Do they know what their state pension entitlement is likely to be?
Saving for Retirement
Thursday’s piece will look at some ideas on what could be done to help your staff make the most of and plan for their retirement.
The final instalment in our series will look at what happens when members reach retirement. The introduction of Pension Freedoms has had a massive impact on retirement options but how clued up are your employees? Do they know how these choices will affect them?
Your employees could spend as many years retired as they do working – retirement can be referred to as ‘the longest holiday of your life’. We all know how much holidays cost – so let’s help them get planning and make sure they can have the holiday of a lifetime.