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Could employers do more to help the transition into retirement?


by Roger Marsden
Head of Retirement Solutions Products and Services

We’ve looked at many aspects of retirement through our Real Retirement Report, each time looking at matters which are important to the nation as a whole.

With the number of people retiring on the increase, and the recent launch of the National Employment Savings Trust (NEST) - which helps employers support their employees to prepare financially for retirement - we felt it was a good time to look more closely at the role of employers in the gateway to retirement.

While we fully support NEST, we found that employees want more than just a pension scheme from their employers. And they’re not always getting it.

Many employers are doing the right thing, providing substantial benefits and helping employees change their working patterns in the run up to retirement. However, there are a number of simple things they could start doing that would make a real difference to employees, such as setting up retirement seminars or clearer sign-posting to information.

We found that almost two thirds (64%) of employers offer no tailored support to their employees who are retiring. That’s despite the finding that over two-thirds (68%) of employees would appreciate some help. Financial workshops (35% - Q2 2012), retirement literature (35% - Q2 2012) and a list of recommended financial advisers (21% - Q2 2012) are the top requests.

At Aviva, we provide online support which helps customers to make the most of their retirement savings, demystifies retirement products, as well as considering what other steps they may need to take. Therefore, the issue may not be lack of information but rather lack of guidance as how to access it.

Looking to the future, it’s easy to see a world where people are increasingly looking to their employers for help with retirement. If that’s the case, then employers should be encouraged to take more responsibility for helping their staff make the most of their retirement.

There’s a link below which will take you through to our press release if you want to read further.

We really want to hear your views. Please use the comments box below to share your thoughts with other people reading this blog or to ask any questions about retirement.

Real Retirement Report – Summer 2012 - The role of employers in the gateway to retirement

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