Employers should provide communications and financial education support to employees approaching retirement to engage and respond to the government changes to defined contribution pensions.
Speaking in a session titled ‘Responding to government changes in pensions’ at Employee Benefits Connect, Jeanette Makings (pictured), head of financial education services at Close Brothers Asset Management, and Michelle Newton , European benefits specialist at General Electrics (GE), will discuss this issue and share how GE has seen the benefit of planning early using financial education.
Makings said: “The pension reforms are coming like an express train. Organisations out there do not believe the guidance guarantee is suitable for staff.
”Delegates need to understand that they have got to have good communications or financial education support in place for people approaching retirement.
“The session will highlight how it is really important for them to start engaging and providing that support. It is the most significant change to pensions for more than 100 years, it is enormous.”
The session will also help delegates understand the options available to staff accessing their defined contribution (DC) pension schemes on 6 April 2015 when the reforms come into effect.
It will also highlight how providing support can improve employees’ financial wellbeing.
Makings added: “It is all about what support employers can provide to help make these decisions, and help them understand why it is good for their business and good for individuals.”
Employee Benefits Connect will be held at the Lancaster London Hotel in London on 4 March.