How to help your employees form a feel-good pension fitness plan

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Encouraging employees to pay their pension some attention can go a long way to helping them feel financially fit for the future. As we approach Pension Engagement Season, now’s a great time to help your employees strengthen their pension. Here are three easy steps they can take today.

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Your employees’ three-step financial fitness plan

Do your employees know what income they can expect in retirement? 

We know from our Retirement Voice 2024 research that more than half (51%) of UK adults are worried they’re not saving enough for their financial future.

So a good place for employees to start is to get an idea of what their retirement income could really look like. And that means encouraging them to see how much they’ve got in their pension pot. With a solid understanding of how much pension savings they have today, they can better plan for tomorrow.

If you’re with Standard Life for your workplace pension scheme, your employees can easily check how much they’ve got in our mobile app. 

Are your employees sure they know where all their pension savings are?
 
In 2024, the number of misplaced pension pots reached 3.3 million. That’s the equivalent of £31.1 billion in lost pension savings, according to research by the Pensions Policy Institute (PPI).

It’s likely that some of your employees may have forgotten about previous pensions savings – particularly those who’ve had a few jobs, and therefore a few different pension plans. So searching for all previous pension pots could be time well spent.

Employees can track down any old pensions by using the Government’s Pension Tracing Service. Or, if they’re with Standard Life for their workplace pension scheme, they can use our Pension Tracing Finder tool. Available through our mobile app, all employees need to do is enter the name of their previous employer or pension provider to get started.

Plus, they can use the app to easily bring all their pensions together into their Standard Life plan. With everything in one place, this could make it easier for them to manage.

This won't be right for everyone, though. Employees could lose money by giving up any guarantees or benefits they might get from other pension plans, so it’s important that they check this first.