JLT Wealth Management has launched a range of services, titled Road to Retirement, to enable employers to provide their workforce with pre and at-retirement advice.
Road to Retirement supports employees in both defined benefit (DB) and defined contribution (DC) pension schemes.
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The new services include:
– A pre and at-retirment information pack for all employees approaching retirement to provide effective guidance on their choices
– Pre and at-retirement seminars that offer financial guidance to employees in the run-up to retirement when many critical financial planning decisions are taken.
– Access to an online modeller and education material to help employees understand the choices they have, along with a pensions telephone helpline.
– Access to an annuity broking service for employees that should consider the Open Market Option (OMO) through The Annuity Bureau.
– An executive planning service for employees who may have specific and sophisticated tax planning issues, including wealth management and income drawdown pension advice.
Jonathan Webb, director at JLT Wealth Management, said: "Employers quite rightly focus much of their time on how employees’ funds are managed, at what cost, and how well they are administered.
"Little, or perhaps no, time is spent on considering the shape and type of income their employees buy at retirement. This will be one of the most important financial decisions an employee will make, not least because for many this is a decision they get to make only once.
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By GlobalData"This education and advice shortfall comes at a critical stage for employees and could significantly impact on their income at retirement."
