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Wed 1st February 2017
Forming the foundation for employee engagement, loyalty and well-being
The great majority of an employee’s current and future wealth and financial well-being is dependent on their employer to a large extent. This goes beyond simply today’s salary and reward package, but includes funding future retirement through pension plans and employee share plans. The average UK pension pot currently sits at around £30k (pensions regulator, 2015), while it’s estimated the average person will need to have at least £250k in their pot for a modestly comfortable retirement (Which?).
Research by Equiniti (H2 2016) found that 50% of respondents don’t expect to have, or don’t know if they will have, enough money to live on in retirement. Respondents indicated that they were well aware they were not saving enough to fund the comfortable retirement they aspired to, so what exactly is stopping them saving more? Perhaps surprisingly, the answer is not just lack of disposable income; but wider and more complex. Yes, disposable income and affordability play a significant part (67% cited this), but a further fifth of respondents (19%) indicated they are just unsure about what to do.