This follows the report’s finding that 10.7 million people in the UK can currently expect inadequate income in retirement.
The report also recommended that the government establish a commission to work with employers and financial services providers to improve pensions and savings.
Jonathan Watts-Lay, director of Wealth at Work, said the government should also provide tax relief on financial advice. “People would end up with better payments in retirement because they would get the better annuity deals, and they would be less reliant on the state,” he said. “Employers are waking up to this.”
In March, Henderson Global Investors introduced employer funded one-to-one financial advice sessions, which target employees who are about 15 years away from retirement.
Hertfordshire County Council has provided free independent financial advice seminars for staff since 2007. The seminars, which are provided by AWD Chase de Vere, cover topics such as pre-retirement, investment and taxation.
Ann Hayward, HR officer at the council, said: “We also provide employees with free financial planning seminars and one-to-one financial surgeries, and they are encouraged to bring their partners along.”
