How financial education helped INEOS’ employees face at-retirement challenges
Daniel Moore, group pensions manager at INEOS, discusses the background behind this and the steps it’s taken to help their employees become financially secure in the lead up to and at-retirement.
“We brought WEALTH at work in to educate our employees in everything financial for their retirement and to give them a good financial grounding so that they are able to ask the right questions, in order to make informed choices about their future,” explains Moore.
“After all as an employer, you’ve provided a large part of an employee’s pension, so the last thing you want to happen is for that to disappear inappropriately, either through a scam or poor decisions being made,” he says. “So I think that by giving our employees the tools to enable them to be able to work through all of the challenges they may face is good because you don’t want to lose the investment you’ve made in your employees over the years.
“The feedback we’ve received from employees following our financial education programme has been very positive. It has actually exceeded my expectations. We’ve had some very high scores on the feedback forms that employees fill out after an intervention and we’ve had a good level of engagement with all seminars being fully booked,” concludes Moore.
Jonathan Watts-Lay, director of WEALTH at work, comments: “We know that often mistakes are made at-retirement such as individuals getting scammed out of their retirement savings or paying far more tax than they need to, and those mistakes can have very negative consequences.
“Many employers and Trustees want to understand what measures they can put in place to help their employees and pension scheme members avoid these situations and make the most of their retirement savings.
“One of the most important elements of this is providing all employees and members with support so that they can understand the advantages and disadvantages of the options available to them, before they take any income from their pensions or indeed any other sources of retirement income,” says Watts-Lay. “This support should include financial education and guidance, and regulated financial advice for more complex decisions.
“It’s great that INEOS are taking such positive steps and leading the way when it comes to supporting their employees to achieve financial security at-retirement. I am pleased to see that employees at INEOS have rated our seminars so positively and that the take-up of them has been so successful,” adds Watts-Lay.
This is a sponsored article provided by WEALTH at work
In partnership with WEALTH at work
WEALTH at work is a leading financial wellbeing and retirement specialist - helping those in the workplace to improve their financial future.
