Financial Wellness
Help your employees charge their pension positivity in 3 simple steps
This Pension Engagement Season, help your employees take charge of their pension positivity. Here are three simple steps they can take today.
id
Encouraging employees to pay their pension some attention can go a long way to helping them invest in their future selves. This Pension Engagement Season, help your employees take charge of their pension positivity. Here are three simple steps they can take today:
id
See what they've got in their pension pot
Do your employees know what income they can expect in retirement?
We know from our Retirement Voice 2023 report that just 37% of people think they’re saving enough for a comfortable retirement.
So a good place for employees to start is to get an idea of what their retirement income could really look like. And that means encouraging them to see how much they’ve got in their pension pot. With a solid understanding of how much in pension savings they have today, they can better plan for tomorrow.
If you’re with Standard Life for your workplace pension scheme, your employees can easily check how much they’ve got in our mobile app. All it takes is a tap.
Find out if they have lost any old pension plans
Are your employees sure they know where all their pension savings are?
In 2022, the number of misplaced pension pots reached 2.8 million. That’s the equivalent of £26.6 billion in lost pension savings, according to research by the Pensions Policy Institute (PPI).
It’s likely that some of your employees’ pensions savings are floating around without a home. Particularly those who’ve had a few jobs, and therefore a few different pension plans. So searching for any lost pension pots could be time well spent.
Employees can use our Pension Tracing Finder tool, available through our mobile app, to rescue any lost pension plans. All they need to do is enter the name of their employer or pension provider to get started.
Plus, they can use the app to easily bring all their pensions together into their Standard Life plan. With everything in one place, this could make it easier for them to manage.
This won't be right for everyone, though. Employees could lose money by giving up any guarantees or benefits they might get from other pension plans, so it’s important that they check this first.
Picture their ideal future and how much money they'll need
What income will employees need to enjoy the lifestyle they want in retirement?
According to our Retirement Voice 2023 report, more than half (55%) of people are worried their pension pot won’t last their full retirement lifetime. So it’s important to help employees picture what their ideal retirement could look like and how much they’d need to make it happen.
Our Retirement Income Tool, available through our mobile app, can help employees see how their retirement lifestyle is shaping up. This can reveal if they’re on the right path or need to make some changes to achieve the retirement they want.
More ways to promote pension positivity
We have loads of resources that can help you promote pension positivity across your workforce, including our Ready to Go campaigns and interactive calendar. Visit our Pension Engagement Season hub to find out more.
