Retirement readiness crisis: UK workforce lacking essential pension knowledge
Research shows that employees who understand and invest in their financial future experience higher job satisfaction and long-term success. However, a recent report carried out on behalf of the Department for Work and Pensions uncovered some sobering statistics:
- One in four people saving into a workplace pension did not know the rate of their contributions
- One in five people with a Defined Contribution (DC) pension in accumulation did not know the size of any of their pension pots
- Most people (62%) who had not yet retired expected to continue in paid work beyond their ideal retirement age
- Nearly half (45%) of all private pension holders expected less than half of their income in retirement to come from their private pension(s), also relying on the State Pension and other sources of non-pension income such as savings or property
Over half (58%) of non-retired people aged 45-60 are worried they will not have enough money to provide an adequate standard of living in their retirement according to a 2020 survey by Aviva, yet over a fifth (21%) of non-retired people in this age group are not taking action to strengthen their retirement income. These statistics highlight the importance of retirement planning and the need for increased education and awareness around pension options and saving for retirement.
At Beesure, we’re on a mission to educate the UK workforce in understanding, and getting the most out of their pension options. We’re proud to offer complimentary pension workshops to local businesses, led by our team of FCA registered financial advisers. We believe in the importance of retirement planning, education, and awareness around pension options and saving for retirement.
Our workshops are 60 minutes long, including a Q&A session, and can be conducted virtually or in-person. During the session, we’ll guide you and your employees in understanding:
- Different types of pension plans
- Retirement options
- Taxation of pensions
- The importance of retirement planning
- What the financial advice process looks like
As an independent firm, we provide personalised advice that suits the individual’s unique requirements. There’s no obligation for your employees to take up any of our services following the workshop. It’s an opportunity for us to share valuable information with you, at no cost.
We look forward to the opportunity to support you and your employees in achieving their financial goals and protecting themselves from potential risks, and we hope this will be the beginning of a long and fruitful working relationship.
If you’re interested in booking a complimentary workshop, please let us know, and we can arrange a suitable date and time for your business. The workshop will equip your employees with the knowledge they need to make informed decisions about their financial future, retirement planning, and ensuring a comfortable retirement.
If you would like to grab 5 minutes with one of our financial advisors to discuss, then click here.