More than half (55%) of respondents do not offer their staff support at retirement, according to the Employee Benefits/Close Brothers Pensions research 2014, which surveyed 216 respondents in September 2014.
However, the majority of respondents (93%) that do offer staff support have a comprehensive communications campaign in place for staff at retirement.
Almost as many respondents (91%) offer staff access to financial advice, according to the 87 respondents that offer their workforce such support.
Equally encouraging is that all respondents that offer staff support at retirement offer a wide range of support, with 90% offering all staff access to information via their intranet site and offices, 74% offering workplace retirement seminars and 73% offering staff access to an annuity service through their pension provider(s).
But respondents believe that employees most value access to information via their employer’s intranet site and offices, with 31% of respondents claiming that this option is taken up by more than 80% of their staff. This is followed by workplace retirement seminars (21%), access to financial advice (20%) and access to an annuity service through their pension provider(s).
The proportion of staff nearing retirement that take up the following services
We continue to see the ‘haves’ and ‘have nots’ which is very worrying when it comes to preparedness for life after work! More so with all the changes coming down the track right now.
The concept of pre-retirement and later financial education / mid-life planning has been encouraged by many responsible life planners and service providers for many years. It is staggering that so many organisations still do nothing and worse still individuals when they have the opportunity do not take up that chance.
It is regrettable, but not surprising, that many organisations have yet to address care for their employees as they approach and following retirement in these harsh economic times, when funding is difficult.
However, NFOP can cost affectively help employers provide support to their employees at this critical life stage. Pre-retirement courses, financial, legal and tax advice are part of our membership services package.
http://www.nfop.org.uk