As the pressure on household income continues, it is more important than ever that employees are engaged with their finances, and this includes their pensions.

WEALTH at work conducted a survey with the Pensions Management Institute to investigate the concerns Trustees have for their members in the run up to their retirement and what support provisions they have in place.

It is imperative that employees understand their pensions throughout their working life.

The past year and a half has been a challenge for many of us in one way or another. For those approaching retirement, one of the biggest problems faced during the pandemic has been the impact it has had on their retirement plans. WEALTH at work’s latest survey has provided some insight into this.

There are many risks around accessing pensions which have become increasingly complex and uncertain. With this in mind, WEALTH at work conducted some research with the Pensions Management Institute to look at this in more detail and have revealed the results.

Last year there were many scheme members who accessed their pension for the first time than perhaps would have in normal times. Jonathan Watts-Lay highlights some key considerations for those who may want to access their pension early.

Financial support through the provision of financial education, guidance and regulated financial advice, is crucial right now so that employees can make the most of their retirement savings, says WEALTH at work’s Jonathan Watts-Lay.

Good-quality and timely financial education, one-to-one financial guidance and access to regulated financial advice will lead to far better outcomes for employees and members at retirement, says WEALTH at work's Jonathan Watts-Lay.

Planning for retirement is complex enough, but elevated tax risks and market volatility mean support and financial advice for members is more important than ever, says WEALTH at work's Jonathan Watts-Lay.

As more and more people retire on defined contribution savings alone, a lack of understanding around the risks could mean a retirement disaster is on the horizon, says WEALTH at work's Jonathan Watts-Lay.