Should retail sales employees get pensions advice?
Employees, such as those in the retail sales industry, may appreciate advice on pensions and investments, it has been suggested.
John Jory, deputy chief executive with B&CE Benefit Schemes, has asserted that the language surrounding pensions needs to change to increase employee awareness and understanding.
"Perhaps we need to step away from the term pension and re-name those funds retirement pay," Mr Jory pointed out.
He explained that retirement pay would be viewed in the same way as holiday pay, which cannot fund a vacation, just as a pension cannot be solely responsible for funding the post-work years.
A survey by the organisation found that 38 per cent of workers, perhaps including retail sales employees, would appreciate advice on pension plans.
More than half of those polled could not calculate their post-retirement financial entitlement, while nine in ten could not explain the meaning of the term basic state pension.
The Scottish Widows pension index increased between 2007 and 2008 from 49 per cent to 51 per cent.
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Filed: 01-07-2008