Report' Majority of employees are unaware of retirement income options
22/07/2011
Topic: Retiring soon
The majority of employees are currently unaware of their retirement income options, according to a new report.
A new study published by Wealth at Work has revealed that just 23% of UK employers believe their staff have sufficient knowledge of how they will support themselves later in life.
Furthermore, only 21% of respondents felt that their workers are saving enough funds for retirement.
With new pension regulations due to come into force, 60% of firms think that there will be a greater requirement for specialist retirement advice.
In light of this, 85% of companies will provide some support to employees, with the majority of firms choosing to do so via written communication.
Jonathan Watts-Lay, Director of Wealth at Work, said: "It is now critical that firms offer financial education to their staff at retirement to ensure they understand the various retirement income options available.
"This should be supported by advice to ensure employees make the right decision for what is increasingly becoming the most critical financial decision during their life."
Posted by David Shuker
A new study published by Wealth at Work has revealed that just 23% of UK employers believe their staff have sufficient knowledge of how they will support themselves later in life.
Furthermore, only 21% of respondents felt that their workers are saving enough funds for retirement.
With new pension regulations due to come into force, 60% of firms think that there will be a greater requirement for specialist retirement advice.
In light of this, 85% of companies will provide some support to employees, with the majority of firms choosing to do so via written communication.
Jonathan Watts-Lay, Director of Wealth at Work, said: "It is now critical that firms offer financial education to their staff at retirement to ensure they understand the various retirement income options available.
"This should be supported by advice to ensure employees make the right decision for what is increasingly becoming the most critical financial decision during their life."
Posted by David Shuker
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