MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

17th November 2017
:: Employer | Employer Bulletins | The importance of financial education | Pension Education works!

Pension Education Works!
 
Without a shadow of doubt, pension education works - for your employees and scheme members, and for you.
  
In 2006, financial education charity, Life Academy*, began a series of one-day workshops, designed to motivate individuals to make decisions about their retirement planning.
 
Data was collected from participants at various stages. At the end of the workshop there was a 140% increase in intention to take action. Just three months later, the final evaluation revealed extraordinary results:
 
 Within 90 days of attending a one-day workshop:
  • 45% had sought financial planning advice
  • 45% had increased their savings / investments for retirement
  • 25% of those eligible had increased their contributions to their pension
  • 77% had looked at their occupational / personal pension fund statement and forecast
  • 59% had obtained a forecast of their state pension
  • 27% had changed their intentions about retirement (with the majority intending to work longer)
 
 
Pension education in the workplace is high on the list of priorities in the Government’s pension reforms.
 
YOU can provide pension education for your employees and scheme members.
 
Pension education actively works to increase your employees' knowledge and understanding of their retirement planning.
   
* Read the full article written by Stuart Royston of Life Academy
 
 
 
 
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