Funding extension for pensions education

Further to the Pensions Minister's recent announcement, on the extension of funding for pensions education projects targeted at UK employers, Defaqto believes this represents another positive contribution to the long-term task of educating UK consumers on pension matters.

Research carried out by Defaqto last year for their 2007 report ‘Retirement Savings & Income' showed that 24 percent of consumers surveyed trust their employer to advise them on planning for retirement and therefore underlines how important engagement with workplace initiatives will be.

Matt Ward, Defaqto's Principal Consultant for Pensions & Wealth Management, states that: "The role of the employer in the education of their staff on pension planning matters should not be underestimated. Employers are a unique touch point in the lifetime of the employee and are therefore in a position to provide educational and planning support to the employee on both retirement savings and income matters."

Ward continues: "The onus is on government and the financial services industry to acknowledge the importance of the workplace in future pensions provision and continue to find ways to engage consumers through this channel. It must be remembered that for many people access to financial services advice and products might only be feasible and affordable through their employer."