The 39th Great North Run will take place on Sunday 8th September, with thousands of athletes of all abilities running a half marathon from Newcastle upon Tyne to South Shields. 

A great many of the runners will be raising funds for their chosen charities, and a huge amount of money will be raised for good causes.

Some serious athletes will have trained hard for the event and will be aiming to set a personal best time. A certain Mr Farah will be aiming to win the men’s race for the sixth year in a row, setting another record in the process. Some will have trained hard and set a personal target, many will have trained a little; while others may not have trained much at all and will simply be happy to complete the course regardless of the result.

Financially fit?

During the pension clinic services we deliver, we find that there are similar approaches to retirement planning with some savers taking matters very seriously and having very clear goals in mind. Others will have done a little planning and will be aiming for something but perhaps not expecting much. What we do find however, is that many employees seem to be doing very little planning and have no idea what to expect when they retire. Many employees are simply going along with whatever the standard contributions are for their employer’s workplace pension scheme, rather than considering what might need to be done to enjoy a comfortable retirement.

Employee pension comms in need of a workout?

Whilst some employees will no doubt be aware that their current pension savings are not enough to meet their retirement needs, employers may take the view that they have a moral obligation to help manage employees’ expectations.

Some employers are already doing this, but for those that aren’t here are some tips to help:

• Issue a reminder every year to review contributions and consider paying more
• If you offer alternative contribution options, make sure that employees know how to obtain a higher employer contribution.
• Encourage members to visit their account on the pension administrator’s website.
• Explain what a pension review involves and where to go for extra help.

We know that employers are busy running their businesses and don’t always have the time or resource to dedicate to good communications. This is where we can help and would be happy to talk to you about it. It’s all part of a robust training plan for pensions so your employees can cross the line and achieve their goals. 

If you have any questions about how we can help your employees get financially fit, please do get in touch.