Almost half (49%) of working adults have changed their retirement plans because of the cost-of-living crisis, according to new research by the Pensions Management Institute. The professional body that supports and develops UK pension schemes surveyed 2,030 employees with pensions. It found that 24% of respondents have delayed their retirement, 23% reduced their pension contributions, […]
The government’s ambition is to drive better outcomes for members of defined contribution (DC) pension schemes to help ensure all savers achieve the best possible retirement. This is a really positive direction for DC pensions as the management of schemes evolves to consider what members will receive in retirement; whether this is enough and how […]
How to encourage employees to save enough for retirement is an age-old conundrum. For those of us working in this industry, the reasons to do so are clear. However, for employees without an in-depth knowledge of the pensions system, the time until they reach retirement may mean saving for this is low on their list […]
By the time the average woman reaches the retirement age of 67, she will have saved a pension pot worth £69,000, which is £136,000 less than the average man, who will have saved £205,000 in the same period, according to research by Now: Pensions. Its 2024 gender pension gap report, published in partnership with the […]
Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with. […]
Employers are viewing the ageing workforce as increasingly important, according to the new Financial Wellbeing Research 2023[1] from the Reward & Employee Benefits Association (REBA) in association with WEALTH at work. It found that over a quarter (29%) of employers cite an ageing workforce as a driver of change to their strategy in the next […]
Employee Benefits poll: More than half (53%) of organisations do not think the living pension goes far enough to support employees in building a pension pot that meets basic retirement needs, according to a survey of Employee Benefits readers. One-third (33%) said they did think the living pension goes far enough to support employees in […]
Take part in our latest readers’ poll on a current topical issue. Last week, Employee Benefits reported that Scottish energy firm SSE was accredited as a living pension employer to enable its workers to build a pension pot that will provide enough income to meet basic everyday needs in retirement. In light of this, do […]
Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all. Making regular contributions into a pension pot is also becoming more of a challenge, […]
Two-fifths of older employees are unaware of how much they have saved for retirement, according to research by workplace savings and pensions fintech Cushon. Its survey of more than 2,000 employees enrolled into a workplace pension found that older employees have less clarity over the value of their retirement pension pots, as 41% of those […]
Just one-quarter (27%) of UK staff aged under 35 have worked out how much they will need to live on in retirement, according to research by Royal London. The mutual life, pensions and investment firm, which surveyed 4,000 UK adults, also found that two-fifths (38%) of adults under the age of 35 plan to retire […]
As a voluntary savings target, the living pension initiative sets out the minimum annual contribution needed to afford basic living costs in retirement. Employers should ensure that employees who increase their contributions in line with this are not saving at a rate they cannot afford. Organisations should engage employees in their future finances by introducing […]