Help employees build up their pension
You can enhance employee financial wellbeing by ensuring that staff are supported and encouraged to plan for their retirement and build their pension. It’s important that employees understand their pensions options and know where to access guidance if they need it.
Auto enrolment in pensions schemes
As an employer, you must offer a workplace pension scheme through automatic enrolment.
This applies to any employee who is a UK resident and:
- usually works in the UK
- is between age 22 and the State Pension age
- earns more than £10,000 a year or the weekly and monthly ‘earnings thresholds’
- don’t already have a suitable workplace pension.
This includes employees on a short-term or zero-hours contracts, away on maternity, paternity, shared parental, adoption or carer’s leave, or those paid by an agency.
Encourage employees to review their pension
To better support your employees, encourage them to review their retirement plans during important life events. This could include starting a new job, going on maternity leave or approaching retirement.
Considering opting out?
If employees are thinking about leaving the workplace pension scheme, provide them with information on the key factors to consider before making this decision.
Learn more about what to consider before opting outOpens in a new window
Pensions guidance from MoneyHelper
MoneyHelper pensions content
Through our MoneyHelper pensions contentOpens in a new window people of all ages can access information and guidance about all aspects of pensions, including:
- pensions basics
- pension problems
- state pensions
- taking your pension
- tax and pensions
MoneyHelper also provides a selection of tools that can help people to make positive pensions choices:
- Pension calculatorOpens in a new window
- Find a retirement adviserOpens in a new window
- Compare annuitiesOpens in a new window
Trained specialists also provide free and impartial guidance via the MoneyHelper pensions helpline, and can discuss topics including pensions and divorce, pensions safeguarding and self-employed pensions.
Pension Wise
Our Pension Wise service, delivered by MoneyHelper, offers free, impartial information and guidance to over 50s with UK-based defined contribution pension pots.
Our pensions specialists help people to understand their options and explain how these options work, what tax may be payable and how to look out for scams. It can be accessed via telephone or face-to-face appointments, or through our digital appointments.
It is designed to be a first port of call for individuals with defined contribution pension pots who are approaching retirement.