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5 Top Tips to Support Staff in Retirement

Over the past 5 years we’ve been supporting many employers across local government to provide their staff with the life-changing retirement benefit of salary sacrifice Shared Cost AVCs. And most recently, the NHS.

In that time, our retirement experts have been busy providing the employees of our partners with effective pension education to help them expand their knowledge and have more confidence in their financial futures.

Below are 5 top tips from our Retirement Education Director, Jonathan Kempson on how best to support your staff with their retirement planning:

🌟 Top Tip 1: Planning

Encourage your employees to start planning early for their retirement. Early planning gives your staff more time to grow additional funds for their retirement. This allows them to make the most of tax-efficient vehicles like pensions.

It’s not about timing the market, but about time in the market!

🌟 Top Tip 2: Education

Promote financial literacy among your employees to empower them in making informed decisions for their retirement. Offer educational resources like webinars on retirement planning, investment advice tools, and the best pension savings options.

By bridging the pensions knowledge gap, you can enhance their financial wellbeing and help them plan for retirement more confidently.

🌟Top Tip 3: Wellbeing

Encourage your employees to take care of their physical and mental health during their working years to set a strong foundation for a happy retirement. Promote wellness initiatives, such as exercise programs, mental health support, and work-life balance policies.

By prioritising their wellbeing now, you're helping your staff enjoy a happy and healthy retirement later.

🌟Top Tip 4: Engagement

Encourage employees to engage with educational programmes, including webinars and workshops targeted towards different life stages, to help them make informed decisions for their circumstances.

Consider early, mid and pre-retirement comms to support all of your employees and improve financial wellbeing across the workforce.

🌟Top Tip 5: Awareness

Provide the most valuable retirement benefits to your workforce such as Shared Cost/salary sacrifice AVCs.

Given the recent changes in pension legislation, with the future removal of the Lifetime Allowance and 50% increase in the Annual Allowance, the freezing of the Personal Allowance and inflation remaining sticky in the UK - never has it been more important for ALL employees to fully understand the tax-efficiency and flexibility of saving into pensions.

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