All Financial wellbeing articles – Page 129
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Case Studies
Roche finds right formula to raise staff financial awareness
Doug Ross, HR manager at Roche Pharmaceuticals, says: “One of the themes that leapt out of the survey we did of our workforce was that employees wanted guidance on financial matters. There is a growing awareness that, in these times of austerity, everyone is having to look at their finances ...
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Opinion
Stuart Bailey: Target younger staff with financial education
The growth of flexible benefits schemes has been mirrored by a significant increase in the number of employers offering some form of financial education to their employees. More than 17% of employers now do so, according to Workplace financial education, a survey by the Chartered Institute of Personnel and Development, ...
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AnalysisConsequences of the retail distribution review
IF YOU READ NOTHING ELSE, READ THIS…Commission to advisers selling pension and investment products was banned on 31 December 2012.Employers can still pay for corporate pensions advice out of employees’ contributions through consultancy charging, but only in certain circumstances.Demand for financial advice, education and information is likely to soar as ...
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Case Studies
Financial workshops help educate University of Lincoln employees
The workshops are targeted at three age groups, for employees in their early, mid and late careers. All have the same themes, such as managing finances, setting career and financial goals, and understanding financial terminology.For the early career group, loosely aimed at those up to the age of 35, information ...
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Case StudiesMarks and Spencer educates staff on savvy saving
The demise of Christmas savings club Farepak was a catalyst for Marks and Spencer (M&S) to launch its financial education programme in 2007.Farepak ceased trading in October 2006, leaving tens of thousands of savers out of pocket. Its parent company, EHR, went into administration the same day, and both businesses ...
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Opinion
Jonathan Watts-Lay: Employees need pensions education
Pension regulations seem to change constantly, whether it is the removal of the default retirement age or options available for generating income at retirement. As more employees retire from defined contribution (DC) pension schemes, or perhaps a combination of many different pension types, it is more important than ever to ...
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Article
Padraig Floyd: Financial knowledge is power
Discussing finances with employees is often deemed a futile exercise because half the population does not understand what 50% is.Harsh, maybe, but unfortunately true.The government has finally realised that in order to protect its citizens, and improve the financial services industry in the process, no doubt, people are going to ...
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Article
Majority of 2013 retirees would continue working
Nearly six in ten (57%) employee respondents retiring in 2013 would consider working past the state pension age, according to research by Prudential.Its Class of 2013 research found that 40% of these respondents would want to work in full-time employment and 60% would consider working part-time.It also found that 55% ...
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Article
Employers not trusted to provide financial advice
One in five (19%) respondents do not trust their employer to provide financial advice or planning, according to research by Deloitte.Bridging the advice gap: delivering investment products in a post-RDR world, which surveyed more than 2,000 employees, found that workplace saving could become a growing market for advisers and providers ...
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Article
Debbie Lovewell: Annuity education required
So talk of annuities can simply compound the problem.With a wide range of annuities now available for those in defined contribution (DC) plans, it is not surprising staff can find the choice overwhelming. That is if they realise they have a choice at all and don’t simply have to buy ...
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Analysis
Benefits help staff to fulfil new year's resolutions
IF YOU READ NOTHING ELSE, READ THIS…Promoting benefits such as discounted gym membership can help employees achieve their resolution goals.Online health assessments can help break down resolutions into manageable aims.Wide-ranging communication strategies will help optimise employee engagement.Most people have given up on their New Year’s resolutions by mid-January. But all ...
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Opinion
Jonathan Watts-Lay: Increased retirement advice will be needed
As the baby boomers consider retirement, employers will need to do more to support them. Employees save for many years to fund their retirement income, but are often left without any guidance at the point of retirement. This is likely to change as we head into 2013. More organisations are ...
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Article
Jelf launches retirement coaching service
Jelf Employee Benefits has launched a retirement coaching service.The service includes coaching for employees on how to make fact-based decisions about retirement and consider financial decisions. It will also cover lifestyle planning issues, such as fitness and diet, as well as managing time and maintaining friendships in retirement.The service is ...
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Article
Only one-fifth of employees aware of RDR
One-fifth (21%) of respondents are aware of the retail distribution review (RDR), according to research by Canada Life Group.The research, which surveyed 1,635 employees in October 2012, found that awareness was slightly higher among men (25%) than women (19%).Under the RDR, which takes effect from 1 January 2013, pension providers ...
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Article
Employees not saving enough for retirement
Only 16% of respondents believe their employees are saving enough for their retirement, according to research by Wealth at Work.Its Rethink retirement survey 2012 found that just 18% of respondents said their employees are aware of the various retirement income options available to them.The research also found that 71% of ...
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Case Studies
The Ashmore Group replaces Sipp with corporate Isa
It launched a corporate Isa in March, as part of a corporate platform, to replace the company’s self-invested personal pension (Sipp). The platform itself had a 100% take-up, because it included the company pension, which is non-contributory and entirely funded by the employer.However, 16% of staff also took up the ...
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Article
Workplace Savings Quarterly – November 2012
The fourth Workplace Savings Quarterly rounds up the main issues and topics around workplace savings.The report (download PDF, top right) covers:How to prepare staff for the transition to retirementPadraig Floyd: Ignore Clegg’s pension stuntMick McAteer: Auto-enrolment will aid inclusionAlternative savings vehicles are appealing to staffThe difference between active and passive ...
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Analysis
BT Group educates staff about retirement options
The desire to educate employees about their retirement options was one of the key drivers behind BT Group’s decision to launch a pre-retirement programme for its older workers three years ago.Dennis Gissing, head of diversity practice at BT, says: “We perceived this to be a gap in what we were ...
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Analysis
How to prepare staff for the transition to retirement
IF YOU READ NOTHING ELSE, READ THIS….The number of workers over the state pension age is increasing.Early discussions about retirement will enable employees to be better prepared when the time comes.Age discrimination rules mean communicating with staff about retirement must be done with care.Ensuring staff get the right annuity product ...
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Article
Employers must educate staff on buying annuities
In August, the Bank of England published a paper on the distributional effects of QE, which it estimates to have had a broadly neutral impact on the value of the annuity income that can be bought from a typical pension pot.However, Laith Khalaf, pension investment manager at Hargreaves Lansdown, said ...