JPMorgan assists retiring staff

JPMorgan is offering financial education to its employees to help them prepare for retirement and the new pensions tax simplification legislation.

The offer to attend seminars has gone out to around 750 employees over the age of 50 years and those who are nearing the new £1.5m lifetime allowance, which will take effect from A-day (6 April).

Jonathan Watts-Lay, a director at JPMorgan Invest, a subsidiary of JPMorgan Asset Management, which provides financial education in the workplace, said: "People don’t understand what A-day is really about. They tend to think that if they don’t have £1.5m then it is not relevant to them."

He added that staff would be learning about the changes the legislation would introduce, including the potential to enhance their pensions and tax-free lump sums by investing other savings assets such as share maturities into their pension.