Pensions & employee benefits roundup - August 2018
As people are staying healthy longer they are also looking to spend more time in the workforce which can pose challenges to the employers, who need to make sure that the workplace caters for an age-diverse workforce.
Research from Aegon found that over a quarter of people (27%) see themselves working either full time or part-time at the age of 70. Furthermore, 46% thought that they would be fit and healthy enough to work at 70, should they choose to do so.
The increase in people willing to work longer isn’t a surprise as people are living longer and the concept of retirement is changing. People don’t necessarily see retirement as a cliff-edge event but are willing to consider a more gradual approach to retirement: our research found that 76% of employees aged 55 and over would consider a phased approach to retirement.
These trends are likely to shape the future of the workplace, but many employers have not yet considered the implications of the ageing workforce. Currently the over 50s make up 31% of the UK workforce, with the share continuing to increase. Despite this, a survey by the Centre for Ageing Better found that just a fifth (20%) of employers have discussed ageing workforce strategically, while nearly a quarter (24%) of employers admit to being unprepared for the growing number of older workers. In addition, only 33% of employers say they provide support, training or guidance for managers on managing age diversity in the workplace.
Whilst there is increasing awareness over the changing workplace demographics, it is clear that much more can be done to ensure that employers successfully make the most of the skillset of their diverse workforce.
Throughout the month our research team keep a close eye on what is happening in the pensions and employee benefits industries. Here is a roundup of the best news articles and stories for July 2018.
One in four people think they'll be working at age 70
Aegon, 2 July
A survey from Aegon reveals that many people believe they will be working either full or part time at age 70.
Pension confusion leaves millions unsure if they are saving enough
Pensions and Lifetime Savings Association, 5 July
Eight in ten (80%) aren’t confident they’re saving enough for retirement, equating to 30.4 million working age people who risk not being able to afford the lifestyle they want in later life.
Chatting to colleagues as good for health as close friendships
Health Insurance Daily, 11 July
Regular interactions protect against stress, study claims.
Chief Executive Officer of the Single Financial Guidance Body appointed
Department for Work & Pensions, 16 July
The Department for Work and Pensions has appointed John Govett as the first Chief Executive Officer of the new Single Financial Guidance Body (SFGB).
Poll shows UK employers unprepared for managing ageing workforce
Centre for Ageing Better, 16 July
In a survey of 500 UK employers, just one in five said that the ageing workforce is being discussed strategically in their workplace (20%).
One in ten will ‘cash in their entire pension savings’
Prudential, 20 July
Around one in 10 (10 per cent) planning to retire this year expect to withdraw their entire pension savings as one lump sum.
The retirement challenge
Pensions Age, 23 July
What kind of retirement do you expect to enjoy? It sounds a simple question, but the answer is far more complex.
It’s good to talk! Openness about depression in workplace increases productivity
London School of Economics, 24 July
Employees who feel able to speak openly about their depression with their managers are more productive at work than employees whose managers avoid talking to them about their condition.
What limits workplace pension participation amongst threshold adults
Pensions Policy Institute, 24 July
Young people need to establish themselves before they feel ready to engage with pension saving.
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