Workplace pensions have developed into overwhelmingly complex structures with multiple investment options and default arrangements. This complexity has created a barrier that prevents both employers and employees having the confidence to look at them in any great depth.
Employers are, however, increasingly wanting to know more about how and where their workplace pension money is invested.
What it really is funding
The climate crisis and growing awareness of pension power are making these issues harder to ignore.
My role is to help employers, and also employees, explore exactly what their workplace pension is funding and what choices they have.
The first step is to get a good understanding of the structure of the existing workplace pension, including where the pension money is currently going and what access there is to other investment choices.
A detailed understanding of the existing workplace pension will make it easier to judge whether the scheme offers enough scope to reflect environmental or ethical concerns, or whether it would be a good idea to explore alternative providers.
80%
of savers say they would like their pension money invested so it does good for people and planet
91%
of people have insufficient savings to qualify for financial advice
At the same time as employers ask more questions, there has been a rise in campaign groups encouraging employees to look into where their individual pension pots are invested. The challenge this creates is that employees have no one to turn to apart from their employer, despite employers not having this information themselves.
Being able to run workshops and webinars for employees about their workplace pension helps take the pressure off employers by providing a way to share this information without needing to become pension specialists themselves.