The latest workplace pension report from Scottish Widows shows that the number of staff that want advice on their retirement savings options has increased by 76 per cent from 2009.
Scottish Widows, head of marketing communications Ann Flynn says workplace education or advice can be a good way to engage this section of the workforce.
She says: “Something is clearly not working here and we need to work hard to make sure the younger section of the workforce is catered for properly.”
Flynn suggests that expanding the range of financial services offered in the workplace is one way to get younger people involved in pension saving.
There is a wide range of retirement saving options for employers and employees, the problem is many employers these days are not providing pensions for staff and therefore staff are not getting any on site pension advice.
The government is looking at pension compulsion and possibly introduce a scheme of auto enrolment where the employer must contribute a minimum amount towards employee pensions. This type of scheme could well be in force from late 2012 or early 2013. Employers need to prepare for this and one of the things they could do is take independent financial advice now so that they have all the facts well in advance.
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