Something for the weekend…
On the eve of the start of the new Premier League season, employees are more likely to be engaged in dream-team sweepstakes than their workplace pension scheme.
But it turns out that football’s infamous offside rule may be easier to explain than communicating and explaining a pension scheme.
Research by Friends Life has found that a quarter (25%) of the 2,000 respondents would find it easier to explain the notoriously mis-understood football rule, compared with the 5% who felt confident about describing their pension.
And just 10% thought they could explain life insurance, while understanding the term annuity was also lowly scored.
In fact, more people felt it would be easier to explain the existence of ghosts.
Colin Williams, managing director of corporate benefits at Friends Life, said: “The offside rule is notoriously tricky to describe, so to hear that more people would find it easier to explain than a pension or life insurance is a concern.
“Getting more people able to explain income drawdown over the offside rule might be a little ambitious, but as the world of retirement is changing, we need to make sure people’s understanding increases as well.”