Pensions Management Institute partners with WEALTH at work to tackle lack of financial education in the workplace

The Pensions Management Institute (PMI) has announced its new partnership with WEALTH at work, a leading provider of financial education in the workplace, supported by guidance and advice. As PMI’s new Expert Partner, WEALTH at work will provide expert commentary to help PMI members to understand the issues and trends faced by employees/members when trying to make financial decisions.

With pensions freedoms changing the face of retirement income options for members of defined contribution (DC) schemes, employers have a responsibility to ensure that employees are supported and understand the changes and implications. However, in a recent survey, WEALTH at work found that 40% of employers surveyed do not offer their employees financial education around the pension flexibilities at-retirement.

Kevin LeGrand, president at PMI, said:It is alarming that 40% of employers offer their employees no guidance or support around the new pensions freedoms. This simply has to change. As part of the PMI’s push to move things in the right direction for pension scheme members, our new Expert Partner WEALTH at work, will be at the forefront of helping to tackle this issue through speaking directly to the 6,500 trustees and pensions professionals who are members of the PMI.

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“We welcome WEALTH at work to our growing list of 14 carefully selected Expert Partners, and look forward to helping to redefine and transform the way in which many employers support their employees in what is one of the most crucial decisions making processes they will ever encounter.”

Jonathan Watts-Lay, director, WEALTH at work, said: “We are delighted to become an Expert Partner of PMI. I believe this partnership will strengthen the cause to support employers with helping their employees to make the right choices in the lead up to and at the point of retirement. After all, without the right financial education, guidance and advice, employees could be left incredibly vulnerable to making poor decisions. I very much look forward to working with PMI, which can only provide positive opportunities for its members.”