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Pensions require action not lethargy from UK employees and employers

Aon's DC pensions and financial wellbeing research 2021 reveals lethargy from UK employees and employers about pensions and financial wellbeing. While one in three employees say nothing is preventing them from saving more, employers are being urged to further support their workforces in this area.

Contributor: Martin Parish, UK Lead, Workplace Pensions & Financial Wellbeing - Aon | Published: 23 September 2021

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What tops the pensions wishlist?

To mark Pensions Awareness Day 2021, Howden Employee Benefits; Wellbeing shares  three wishes for driving better workplace pensions and member outcomes: data-driven governance, greener pensions, and better financial education.

Contributor: Matthew Gregson, Head of Corporate - Howden Employee Benefits & Wellbeing | Published: 21 September 2021

The HRDirector Business News

Pensions, people are still confused and disengaged

Getting employees more engaged with their pensions remains a critical issue for businesses. Recent research[1] from Cushon, the workplace savings and investment platform, found that one of the biggest reasons for this is that pensions are far too complicated, with 66% of individuals stating this as a key factor.

Contributor: Steve Watson | Published: 26 July 2020

man and woman sitting on bench facing sea man and woman sitting on bench facing sea

Trouble with pensions is a lack of innovation

Recent research conducted by Smarterly, the workplace savings and investment platform, found that two thirds of employers think that pensions are far too complicated and providers are not innovating enough to offer new and progressive products.

Contributor: Steve Watson, head of proposition, Smarterly | Published: 4 May 2020

Pension savers aren’t being too quick on drawdown

Anyone using drawdown to provide income must understand and be comfortable with the fact their capital and income can fluctuate and they could end up running out of money entirely. They must also be comfortable with reviewing their drawdown plan regularly; we’d suggest following this ten point plan every year.

Contributor: Nathan Long, Senior Analyst - Hargreaves Lansdown: | Published: 5 February 2020

Employees face ticking time bomb as they approach retirement

Employees are often ill-prepared for the complex retirement challenges that lie ahead with many struggling to understand essentials such as tax, inflation risks or how investments and retirement income products work.

Contributor: Jonathan Watts-Lay, Director, WEALTH at work | Published: 27 January 2020

The HRDirector Business News

Employers must do more on pensions’ engagement

“Auto enrolment has the potential to be a real game-changer in helping people with their retirement plans. Employers have a key role to play in making it successful and if they don’t step forwards this could be bad news for them and their employees.”

Contributor:  James Brown, Corporate Adviser - Chase de Vere | Published: 21 January 2020

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Pension ‘wake up packs’ new incoming rules

Hopefully the simplification and increased frequency of the ‘wake up packs’ will encourage individuals to take an interest in their pension and retirement earlier. The new packs should be significantly easier to understand. The packs should also make it easier for individuals to decide how they are going to manage their money in retirement, hopefully be wise to potential mistakes, and encourage them to put more aside for their retirement. 

Contributor: Jonathan Watts-Lay | Published: 15 November 2019

Pension Dashboard consultation – how will the DWP respond? 

The Government still has to bring forward a Pensions Bill in order to make Pension Dashboards a reality. In the present political climate that means we shouldn’t take anything for granted until the scheme is actually up and running.”

Contributor: Tom McPhail | Published: 5 April 2019