Workplace Talks
We are in an era when people are living longer and therefore expect to spend a greater length of time in retirement. It is also an era when people will be more dependent on their own resources as the State's provision becomes increasingly geared to those in greatest need. Every study shows that many individuals' current retirement savings are wholly inadequate to provide for their future needs. Some studies reckon that at least 3 million people in the UK are not saving enough for their retirement. It is also difficult for them to access advice without cost.
Everyone needs to have a plan for how they will provide for their own retirement and the earlier they address the issue the better. Most people need help and advice in understanding how the State scheme, along with any previous or current employer or private schemes, fits into this plan.
The object of this service is to explain to individuals how best they can plan for their retirement, answering such questions as:
- When can I expect to retire?
- How much income will I need in retirement?
- What are the benefits of having a pension scheme?
- What other types of saving schemes are available to me?
- What should I think about in deciding where to invest my money?
- How does the need to provide for my retirement trade off against today's needs?
By being better informed, employees will be more capable of understanding the complexities of the choices involved in saving for retirement. Armed with greater understanding and knowledge, they will be more willing and able to improve the provision they are making for their retirement.
- How does the service operate?
With employers’ agreement, we will give talks to groups of employees in the workplace. Hopefully employers will agree to this being done in work time. Presentations will make clear the need to plan for retirement and the factors that need to be taken into account:
- The income people will need when they are no longer working.
- The benefits the State provides.
- The income they can expect from existing pensions and savings, including tracing old pension schemes.
- If you have a company scheme, the benefits it can be expected to provide.
- The choices available to employees who decide to build on what they have secured already.
- The difference between the investment choices that are available.
Presentations normally last for about 45 minutes and allow for questions.
- What are the benefits for employers?
For employers to agree to making work-time and meeting facilities available, there needs to be some benefits to the business. We believe these are:
- A workforce that appreciates that the principal responsibility for providing for their retirement is their own.
- A workforce that is better informed and thus more capable of providing for their own retirement.
- A workforce that will be less reliant on the employer and the State for their income in retirement.
- A workforce that is more appreciative of any employer contribution.
- What if my employees want individual consultations?
Employees may subsequently telephone our Helpline for a one-to-one consultation about their own situation, where qualified personnel will have details of your scheme.
- Is there a charge for this service?
No. The service is free to employers and employees.
- Will you work with my existing advisers?
The last thing we want to do is to upset existing relationships that are working well. Our role is to explain why people need to plan for retirement, not to comment upon advice that you as an employer have received from other advisers.
- How do I contact you to take this further?
- Please either telephone our Helpline on 0845 601 2923 or email us.
Q & As
