Helping Members Understand Retirement Options
Multiple pension pots
Pension savings has changed, and more flexibility introduced in how you can take your retirement savings. All these choices to make when approaching retirement means decisions are now more complicated.
Our pension freedoms research showed that only 17% of companies believe their members understand pension freedoms and the same number know when then can afford to retire.
We also found that many employees are worried about how they will spend their time once they retire and find the process overwhelming.
Retirement is a serious subject for most people and high earners, in particular, want to ensure they can continue enjoying the lifestyle they have now.
What we did:
We created our own online tool to solve this challenge, our Retirement Options Planner. This tool helps employees who are approaching retirement, or even just thinking about retirement, to simplify the options and understand how much money they will have in retirement.
The tool allows employees to:
view and compare the three options available (drawdown, annuity and cash-out)
understand when they can afford to retire
view how much they will get
get a simple view of all their pension pots.
We often combine our Retirement Options Planner with our qualified advisers to allow your employees to experience stress free retirement decisions.
Think we can help?