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Communication 'key to encouraging pension saving'

04 October 2012

Saving money for retirement is an issue that most workers are concerned by.

Individuals will be keen to make sure they have enough money to secure a comfortable post-work life. For those aged between 55 and 95, equity release plans are a means of funding that they should consider.

Unlocking a chunk of money from the value of their house will allow individuals to deal with financial issues they have and plan for the future.

Auto-enrolment

Research by Standard Life has found there is an appetite for information about auto-enrolment. The government's flagship pensions policy was rolled out on Monday (October 1st) as an attempt to encourage more people to save for their retirement.

Some 59 per cent of employees who do not currently have a pension said they were not aware of the policy, but 55 per cent of these would be happy to find out more about the scheme.

Over half of those keen to get additional information expect the government to get in touch with details, while 83 per cent think their employer should be making them aware of the policy.

Saving for retirement

Ann Flynn, head of workplace marketing at Standard Life, said that because of the staggered start dates of auto-enrolment, not every worker is going to be aware of the ins and outs of the scheme. However, she was happy to see that so many individuals want to find out more information.

"Auto-enrolment has the potential to help many more people save for their retirement, with contributions being made for them by their employer and the government too.

"Communicating the benefits of being enrolled into a workplace pension is key to the success of auto-enrolment. Employers, the government and pension scheme providers all have an important role to play in this respect," she added.

Anyone who wants to find out more about their options can get in touch with Key Retirement Solutions or check out the equity release calculator to see how much money they could raise through the measure.