Actuarial Exams are over, I have decided to share with you an interesting article: • 1 in 3 employees believe that employers that offer pensions should also offer full financial advice • Fewer than 1 in 5 would currently turn to their employer for guidance on retirement planning Data from Scottish Widows has found that many people are still confused about the right amount they should be saving for an adequate retirement, with one in four people not knowing how much they contribute to their workplace pension. While Scottish Widows recommends that saving 12% of income is needed to provide an adequate income in later life, when asked about how comfortable they would feel in retirement if they made only the minimum contribution of 8%, 1 in 5 (18%) employees felt they would be able to live comfortably, more than 1 in 3 (38%) felt they’d have a basic but acceptable standard of living, and a further 1 in 5 (22%) didn’t know. On the second anniversary of the introduction of auto-enrolment for the UK’s largest organisations today, it is clear that employees are looking to their employers to plug the knowledge gap and help them save the right amount for the future. A third (33%) of employees believe that employers who offer a pension scheme should also offer full financial advice, and over a third (36%) want their employers to increase for them the amount they pay in automatically by a little each year. However, many within the UK workforce do not think their employers are fulfilling this responsibility, with just 17% saying they would turn to their employer for guidance on pensions, compared to 25% who would go to an independent financial adviser. This is despite the fact that employees are becoming increasingly aware of the value of a good workplace pension; when employees were asked whether their employer’s pension scheme was a reason to remain in their current jobs, 30% said it was a major incentive – a rise of five percentage points from 2013. What do we think of this, us Zimbabweans?
Posted on: Mon, 06 Oct 2014 06:44:55 +0000
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