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Below are some key things to know about annuities from a recent seminar that I attended: Complexity- Annuities are often sold as a “simple” investment but, in reality, they can be quite complicated. They are often bought with money from settlements, investment accounts, and pensionplan lump sum distributions.
For the last 11 years, BT has rolled out a programme of financial education for its employees to help them plan for retirement. The latest series of retirementplanningseminars saw a take-up rate of 73% of registered employees attending the session. before financial education, to 4.1 following it,” says Shiels.
Need to know: Employers can tailor content and communication channels to different employee groups to help with their pensions knowledge. Losing the jargon will make the language of pensions easier to understand and more relevant to staff. They could invest in financial coaching for a more personal approach to pensions education.
Credit: Dilok Klaisataporn/Shutterstock Need to know: Significant amounts of money are tied up in small pension pots, many of which may have been forgotten. The Pensions Tracing Service can help people reconnect with lost pensions. Employers can help staff with this process and engage with pensions more generally.
It is generally acknowledged that, despite the success of pensions auto-enrolment , saving the minimum contribution levels will not lead to a comfortable standard of living in retirement. Pensions can also seem too abstract to think about. The complexity of pensions and lack of financial education is another factor, Blake adds.
Most of us spend the majority of our working life saving into our pension. However, all this hard work saving can quickly unravel for those who aren’t aware of common pension mistakes. WEALTH at work outlines below the top 10 pension mistakes individuals could make, to highlight what employees facing retirement may need support with.
Employees can also participate in bespoke financial wellbeing workshops, featuring guides, webinars and in-person seminars on topics such as pensions and protection, budgeting , saving and investing. We sought to provide guidance to suit our colleagues throughout various key life events and with day-to-day financial budgeting.
Research[1] by WEALTH at work found that 83% of employees are concerned that the cost of-living crisis will mean they will have to work longer before retiring and 33% think they won’t ever be able to afford to retire at all. Understanding what their state pension will be and when they will receive it is also crucial.
Fringe benefits generally cover needs such as: Health and wellness Retirementplanning Time off and vacation Financial offerings Work-life balance Company-sponsored fixtures and events Professional development Let’s take a look at what’s included in each category. However, there are a few categories into which they usually fall.
Planning for their future is one great way of doing this. From ensuring they have a good amount of money going into their pension to providing career prospects for them to climb the career ladder. Send them to retirementseminars so that they know what they can personally do to better their retirement and their savings.
In the old days, Human Resources was the office in a company where new employees were recruited, hired, trained, given a health insurance and retirementplan, and possibly disciplined or even fired for not measuring up to expectations.
In the old days, Human Resources was the office in a company where new employees were recruited, hired, trained, given a health insurance and retirementplan, and possibly disciplined or even fired for not measuring up to expectations.
From healthcare and retirementplans to flexible work arrangements and professional development opportunities, employees are looking for a comprehensive benefits package that meets their unique needs and preferences. Providing a comprehensive benefits package is essential for keeping employees happy, healthy, and motivated.
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