Penfold expands workplace pension support
The service combines free one-to-one guidance sessions and customer support with digital retirement forecasts and goal-setting tools.
Penfold has expanded its workplace pension guidance service to help employees understand their retirement savings.
The service combines free one-to-one guidance sessions and customer support with digital retirement forecasts and goal-setting tools.
It is included in Penfold’s workplace pension at no extra cost to employers or employees.
A Penfold survey of 2,000 UK employees found that 42% said their pension provider made no difference to their understanding of their pension or made it harder.
It also found that 82% faced at least one barrier to engaging more with their retirement savings.
A pilot of the one-to-one guidance sessions received an average rating of 4.75 out of five.
All attendees said they felt more confident about their pension afterwards, while their average confidence level more than doubled.
Employees who set a retirement goal through the digital tools were about twice as likely to increase their contributions as those who did not.
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