News update – BA and police body act on savings woes

Concern that employees aren’t saving enough for their future has prompted two major organisations to launch financial advice services. Both British Airways (BA) and the Police Superintendents’ Association brought in online advice schemes in October.

Chris Hunt, reward manager at BA, said: “Within the UK people are not necessarily planning sufficiently, particularly in relation to their retirement.

“We want people who work for BA to have made satisfactory [financial] provisions by the time they come to retire and anything that we can do to help them to get good information and quality advice is entirely appropriate.”

BA’s 36,000 staff can access the service, from financial adviser Towry Law, by logging on to the company intranet. The interactive website includes tips on tax, mortgages, insurance and a budget planner.

Chief Superintendent Philip Aspey, national secretary of the Police Superintendent’s Association, agreed that he wanted his members to be able to plan their old age better. “In the past we have witnessed the devastating effects of leaving financial matters to chance,” said Aspey. He added that members had worked hard to climb to a senior rank, and level of pay, within the police service, and financial advice could help to safeguard their financial positions.