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Are your employees aware of how much they could be saving towards retirement?

To enjoy a comfortable retirement, workers will now need to save considerably more money for the future. With cost pressures mounting, employers need to do more to make sure their staff aren’t sacrificing their future financial wellbeing because of the strain they’re under.

Money is tight, but there are ways employers can help employees to make their money work much harder for them, even under the circumstances.

If you’re an employer in the public sector, when it comes to successfully supporting financial wellbeing in your organisation you need to have the most cost-effective benefits on offer. There are so many impactful benefits available to workers in the public sector, and its crucial that employers offer the best ones to their employees to empower them to make the best decisions for their finances.

For example, pension benefits like Additional Voluntary Contributions (AVCs) can be offered to staff to help them save tax-free for retirement. But members of the Local Government Pension Scheme (LGPS) in particular can contribute into AVCs via salary sacrifice; a unique savings scheme called a Shared Cost AVC. This provides a dual tax saving for employees of Income Tax and National Insurance Contributions (NICs) for whatever they contribute to the scheme.

But unfortunately, despite being available to all LGPS members, there are so many staff that still don’t have access.

Educating workers on the best benefits available to them should be a top priority for employers who are looking to enhance financial wellbeing support in their organisation. The Cost-of-Living crisis is going nowhere in the short term, so it’s vital that long-term, cost-efficient financial support like salary sacrifice savings schemes are available to as many employees as possible.

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