The results for the UK general election have been announced. Despite failing to win a majority, the Conservatives have secured support from the Democratic Unionist Party (DUP) and will remain in power.

This failure to win an overall majority has left many in the pensions industry stuck in limbo over future policies. In its manifesto, the Conservatives confirmed that the state pension age will rise but it did not say how fast or what age it will increase to. They also proposed to maintain the triple lock until 2020, but then to introduce a new ‘double lock’ where pensions will rise in line with earnings or in line with inflation – whichever is the highest. However, with little support around the double lock there is speculation that the government would struggle to implement this policy and that it will be dropped.

Jonathan Watts-Lay, Director, WEALTH at work, a leading provider of financial education, guidance and advice in the workplace, comments; “There will no doubt be lengthy negotiations ahead, leaving any proposed changes to pension policies stuck in limbo. However, employees should not use this as a reason to bury their head in the sand as whatever changes lie ahead, it’s vital those approaching retirement review how much retirement income they will need, or would like, as early as possible. The value of a well thought out plan should not be underestimated. Financial education and guidance delivered in the workplace can help individuals set and achieve their financial goals, giving them more control over their finances, and ultimately their retirement plans.

Once at-retirement, regulated advice should be made available to employees to support better decision making and protect them from costly mistakes, such as paying unnecessary tax or being scammed. Helping employees make the right choices in order to optimise their retirement income should be a priority.” Caring issues for employees: a top cause of absence for 61 percent of employers, shows research from GriD.

Employer research* conducted by GRiD shows that caring issues are a main cause of workforce absence. Home and family issues (which are often related to caring issues or the breakdown of care arrangements), plus more specific issues with providing elder and child care are resulting in absence from work and lost productivity.

For 61 percent of employers these issues are a main cause of short-term absence (less than 4 weeks); For 49 percent of employers these issues are a main cause of mid-term absence (4 weeks to 6 months); For 43 percent of employers these issues are a main cause of long-term absence (in excess of 6 months). They can also be a contributory factor in the development of mental illness or the deterioration of mental health.  Indeed, mental ill-health is another major cause of absence. For 17 percent of employers it is a main cause of short-term absence (less than 4 weeks) – although this figure may be artificially low because people often give another reason for their absence; For 36 percent of employers it is a main cause of mid-term absence (4 weeks to 6 months); For 42 percent of employers it is a main cause of long-term absence (in excess of 6 months). An increasing number of people are affected by caring responsibilities, be this for children, elderly relatives or other dependents, and it is a problem that’s isn’t going to go away. It’s not just the direct responsibilities that are taking people away from their work, it’s the knock-on effects of stress and deteriorating mental health that results in more absence.

In terms of what employers are doing to reduce absence and improve attendance, flexible working comes out as the top-rated solution, with 36 percent of employers citing this as one of the measures they have put in place. Katharine Moxham, spokesperson for GRiD said: “Employers know they need to address this issue, and flexible working is a good starting point, but it doesn’t go far enough for many. Employers may be at a loss as to what else they can do, and the solutions are far from simple. The good news is that there is a wealth of support available within group risk products (employer-sponsored life assurance, income protection and critical illness). This can include specific support for carers, access to advice, fast-track access to counselling and signposting to support groups.” Moxham concluded: “Group risk products are not just about providing financial support, they have been developed to support employees in all aspects of their health and wellbeing. Employers that encourage the use of these support services as they are intended – every day if needed, even if a claim is never made – are the ones that get the best value and who are supporting their caring population most effectively.”

* Group Risk Annual Employer Research, conducted in September 2015 among 501 UK businesses with between 5 and 1,000 employees. Research was conducted by Lightspeed Research for Group Risk Development (GRiD).