Long-term savings and retirement business Phoenix Group has launched a Midlife MOT programme to help its employees make better decisions about work, wealth and wellbeing.
The initiative is part of a wider response to the 2017 independent state pension age review’s recommendation for employers and the government to offer access to Midlife MOTs and has been introduced following a successful pilot in 2022.
The programme provides all Phoenix Group’s UK 6,700 employees access to a digital assessment tool that has been designed to evaluate individual wellbeing, work-life and wealth, and makes recommendations for actions they can take, offering tips, resources and support. In-person workshops are also available for those within 10 years of retirement.
Additionally, the group’s longevity think tank Phoenix Insights report Developing and delivering midlife mots: evidence and insights, which it published in partnership with its behaviour insights team, evaluated the Midlife MOT pilot, of which more than 340 employees aged 40 and above took part.
It found that 90% were inspired by the tool to make the positive changes recommended for their finances, health and work. These included addressing a long-term health issue for the first time and deciding to transfer additional funds into their pension pot.
Sara Thompson, chief HR and premises officer at Phoenix Group, said: “The desire to stay in meaningful work for longer is already important to many people. The Midlife MOT offering is a key tool for people to help them start thinking differently and more holistically, about the key areas of wealth, work and wellbeing, so that they can make the best decisions for them as they look towards later life.”