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We know you want to make sure your employees are supported, whether they’ve started accessing their pension savings or not.

So we’ve created this podcast to help you understand what happens as your employees approach retirement and where they can get guidance and advice.

It’s important that your employees know how they can access their pension savings, as they get older, and the choices they have when they take them. And naturally, as employees get closer to retirement, they start to ask questions about their pension – which can mean an increased workload for you and your team.

We help take the weight off you by making sure we tell our members about some of the key things they need to consider as they approach retirement. Plus, we also tell them about their guidance and advice options and signpost them to Pension Wise – a free and impartial service provided by the government to help them understand what they can do with their pension.

In this epidsode, we talk about what some of their key considerations will be – and how and when we’ll communicate with your employees in the lead-up to their retirement…

Transcript

Here’s the full podcast in writing – so you can read instead of, or as well as, listening…

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Hello and welcome to the latest podcast from The People’s Pension.

This is the last in our series of five podcasts. This time we’ll talk about what happens as your employees approach retirement and where they can get guidance and advice.

We know you want to make sure your employees are supported, whether they’ve started accessing their pension savings or not.

So, what happens as your employees approach retirement, and where can they get guidance and advice?

For us, making sure that we provide a good workplace pension scheme and good outcomes for members doesn’t end when they’re enrolled, or re-enrolled.

It’s important that your employees know how they can access their pension savings, as they get older, and the choices they have when they take them.

And naturally, as employees get closer to retirement, they start to ask questions about their pension, which can mean an increased workload for you and your team.

We help take the weight off you by making sure we tell our members about some of the key things they need to consider as they approach retirement, including the following:

  • When they can take their money
  • When and how they want to retire
  • How much they’ll need to live on
  • If they’ll have enough retirement income
  • Ways to boost their retirement income

We send a ‘wake-up’ pack to each member six months before they reach their selected retirement age, setting out their retirement options. If a member doesn’t let us know what they want to do with their savings, we’ll send them more reminders.

We also tell our members about their guidance and advice options and signpost them to Pension Wise – a free and impartial service provided by the government to help them understand what they can do with their pension.

We’ve also teamed up with LV= to offer our members additional guidance and access to an advisory service to help them to decide what to do with their savings as they approach retirement.

The online LV= Retirement Wizard income calculator gives them an overview of their options. Members simply need to provide some information about themselves, their pension (or pensions) and their retirement needs. The LV=Retirement Wizard delivers:

  • a personalised retirement income options overview
  • key things to consider when planning for retirement
  • a free guide to the advantages and disadvantages of their options.

If they’d like some expert advice about accessing their pension pot, they can try the LV= Retirement Wizard online advice service. They’ll be charged an agreed fee for this service and for any recommendations they go ahead with.

They can also see an Independent Financial Adviser who may charge for advice. They can find one in their local area by visiting www.unbiased.co.uk.

So, that’s the end of our podcast series

Whether you’ve listened to one, two or more, we hope you’ve found them useful.

Remember, you can find plenty more information on our website – www.thepeoplespension.co.uk. We have different sections aimed at employers and employees – both are full of useful information.

Plus, don’t forget that you can download most of our communications online – from our resource library and communications toolkit. There’s also our help and support section where we hope to answer any questions you may have.

Of course, if you have specific questions about your scheme and if you want to discuss how to transfer other schemes to The People’s Pension, please give us a call:

01293 586 643

We look forward to speaking to you.

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