The University of Lincoln is to offer financial education sessions for staff to help them understand and plan for the government’s changes to public sector pensions.
The university plans to host the sessions, which will teach staff how to manage their finances and retirement savings by making the most of existing benefits, when the new academic term begins in September. The workshops will show staff how to fund additional voluntary pension contributions with savings from tax-efficient perks offered via salary sacrifice, such as childcare vouchers and bikes for work.
Ian Hodson, reward and benefits manager, said: “Individuals will see a lot of things in the media about what the changes are in the public sector with pay and pensions. They will see people striking at our gate about pensions, so our job is to make sure people understand what is happening.”
Senior staff will receive information on legislative changes, such as the reduction of the personal and lifetime allowances outlined in the Finance Act 2011.
The university also wants to help staff understand how their finances and savings affect their retirement plans. This will help the university’s succession and workforce planning after the removal of the default retirement age, the phased abolition of which started in April.
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