Pilot pensions pack aims to help employees help themselves

A
new Pensions Information Pack for employers and employees to provide advice in
the workplace has been launched by the Government.

The
pack will be distributed to the employees of up to 100 companies as part of a
pilot study designed to find out whether employees make changes to their
financial arrangements as a result of receiving pensions information and
advice.

Secretary
of state for work and pensions Andrew Smith said: "We want to make it
easier for employers to support their employees in making retirement choices.
This new pack is designed to help them with this so that employees get the
vital information they need on how best to plan for retirement."

"More
than three million people are not saving enough for their retirement. We want
to deliver a step-change in people’s attitudes towards pensions provision. By
working closely in partnership with both industry and employers we are tackling
the issue at its root."

Five
pension providers and six independent financial adviser’s (IFAs) have also
signed up to the pilot and are offering their services free of charge.
Providers will go into workplaces, give presentations and take part in
information sessions, while IFAs will be able to give financial advice directly
to employees.

The
pack includes information on the state pension system, occupational pensions,
useful sources of pensions’ information as well as a section answering FAQs
(frequently asked questions).

By Mike Berry

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