EXCLUSIVE: 57% of employers support staff at retirement using online modelling tools

EXCLUSIVE: When it comes to methods of providing at-retirement support, financial education and awareness campaigns have seen huge leaps in popularity since 2017, according to research by Employee Benefits and Barnett Waddingham.

The Employee Benefits/Barnett Waddingham pensions research 2018, which canvassed the views of 246 respondents and was published in December 2018, found that 57% of employers in 2018 support staff at retirement using online modelling tools, compared to 36% of employers that did this in 2017.

Respondents are also increasingly offering seminars in the year prior to a planned retirement, with 43% of employers doing this in 2018, versus 31% in 2017.

More than a quarter (27%) of employers in 2018 are running comprehensive communications campaigns about saving for retirement and making informed decisions; this is a 12% increase on those that did so in 2017.

This building focus on communications and guidance might be the reason that fewer employers are offering access to financial advice, with 56% doing this in 2018, compared to 61% in 2017.