A number of employers already provide retirees with dedicated financial education around retirement. Some go further and provide access to financial advice, either via their financial education provider or by referring staff to a panel of selected advisers.
Some employers also go further and provide financial education to all staff engaging them with their pension and other benefits throughout their career. Educated staff will have improved financial wellbeing, make better-informed decisions, make better use of their benefits and so should put themselves into a better position when they come to retire.
Employees are increasingly looking to their employer for help with retirement planning. Research from Baring Asset Management revealed that, 13 per cent of staff seek support from their employer, up from nine per cent in 2014 and seven per cent in 2013. There was also evidence that workers view it as their employer’s responsibility to ensure they fully understand how their pension assets are allocated, third only to their own responsibility and that of the pension provider.