JLT Wealth Management has launched a range of services to ensure that employers can provide their workforce with effective pre and at-retirement advice.
The service, called Road to Retirement, supports employees in both defined benefit (DB) and defined contribution (DC) pension schemes.
It includes:
- A pre and at-retirement information pack for all employees approaching retirement to provide effective guidance on their choices
- Pre and at-retirement seminars that offer financial guidance to employees in the run up to retirement when many critical financial planning decisions are taken.
- Access to an online modeller and education material to help employees understand the choices they have, along with a pensions telephone helpline.
- Access to an annuity broking service for employees that should consider the open market option (OMO) through The Annuity Bureau.
- An executive planning service for employees who may have specific and sophisticated tax planning issues, including wealth management and income drawdown pension advice.
Jonathan Webb, director at JLT Wealth Management, said: “Employers quite rightly focus much of their time on how employees’ funds are managed, at what cost, and how well they are administered.
“Little, or perhaps no, time is spent on considering the shape and type of income their employees buy at retirement. This will be one of the most important financial decisions an employee will make, not least because for many this is a decision they get to make only once.
“This education and advice shortfall comes at a critical stage for employees and could significantly impact on their income at retirement.”
Richard Williams, director at The Annuity Bureau and regional director at JLT, added: “Far too many employees drift into retirement without really understanding their choices.
“The danger is that choosing the wrong option could cost them thousands of pounds over the course of a normal retirement.
“Many employers want to help their workforce to get the best possible deal in retirement, which is why we have launched the Road to Retirement as part of our employee benefits offering.”