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How switched on to pensions are you?

By August 26, 2016February 12th, 2019No Comments

The question of how switched on to pensions you are, is key to planning your retirement, so try testing yourself in our quiz (see below).

More employers are helping employees improve their financial well-being with education on personal finances, employee benefits and pensions. The realisation is that  most of us could be described as ‘relatively in the dark’ on a key element of our finances, namely our pensions.

Anxiety about money matters is the other reason. Research by Optimum on behalf of Neyber UK, in February of this year, showed that 70% of UK employees have financial worries.  While employers might offer holistic education to support their employees’ financial wellbeing, they usually wish to stay at arm’s length and use third parties to provide this.

Pension information

However, just putting workplace pension information on an intranet is very static and unlikely to result in engagement, whereas inviting the workforce to face-to-face meetings or using webinars to overcome logistical constraints, such as shift patterns or agile working, can be more helpful.

Joel Griffin, head of pensions at Rolls-Royce, was quoted as saying: “Ensuring that our employees are given the best opportunity to save for a comfortable retirement is very important to us.” To that end they have implemented an employee engagement strategy to help employees save for retirement.

Try the quiz

So why not find out how ‘switched on’ to your pension situation you are by taking our quiz below:

  1. What is an annuity?
  2. What is the tapered annual allowance and does it affect you?
  3. What is the current rate of IHT?
  4. Is a ‘help to buy’ ISA a new type of pension?
  5. What does asset allocation mean?
  6. How does income drawdown work when you reach 75?
  7. What is the difference between a defined benefit and defined contribution pension scheme?
  8. What can be ‘carried forward’ in pension terms?
  9. Do you know what your death in service benefit is and how it could affect your pension?
  10. When did you last receive an annual statement?

If you are unsure of any of the answers just check out our Jargon Buster

Or if you would like to set your mind at rest about pensions or would like to know how we can help with your workplace pension, ring Richard Cullen on 0161 975 6700 or email askus@cullenwealth.co.uk