Helping your employees to plan for retirement

An employee’s retirement may not directly affect your organisation, as by definition it occurs after they have left, but helping individuals plan for life after work can actually be a big benefit for employers.

The demographic profile of the Lancashire workforce is changing and as the older age group increases, fewer younger people are entering the workforce.

This places increased dependence on older, working age employees. 

As a consequence, employers are facing the challenge of skills retention, succession planning, flexible retirement and higher state pension ages. 

Recognising these challenges, Age UK Lancashire launched “Planning for your Retirement” workshops to help employees prepare and we encourage employers to hold discussions in a culture of support and transparency. 

These bespoke workshops are delivered by local solicitors, financial advisers and health trainers who provide independent and impartial advice on financial planning; later life legal issues; health and wellbeing and planning your time in retirement. 

The earlier individuals start to plan the better, and so all are welcome. 

Having attended the workshops employees are more informed about all aspects of retirement planning including how to have timely discussions with their managers. 

This is useful in helping managers with skills management and resource planning. 

In addition, employers are seen as recognizing individuals for their service and contribution, which is something that creates loyalty among current employees and makes an organisation more desirable to jobseekers.

Over the past year sessions have been delivered over Teams. As restrictions lift employers can choose between delivery in the workplace or virtually as a cost-effective way of bringing colleagues together.

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