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Aegon film aims to promote workplace pensions

29 January 2019

Aegon has launched a film designed to highlight the benefits of joining a workplace pension. 

While the film predominantly targets new joiners and young employees, Aegon said its core message that savings schemes represent a generous saving perk, is relevant to all workers.

As well as tackling the concept and value of saving, the film also outlines the simplicity of saving including tax relief, how saving through an employer doubles the amount saved and the benefits of compounding returns over time as well as how online tools make it easy to keep track of savings. Its rollout coincides with the new auto-enrolment contribution rates, which sees minimum contributions rise to 8% in April.

Aegon’s film follows on its recent tour of UK businesses alongside Pension Geeks to offer employees information on pensions and saving for later life. The engagement days are part of Aegon’s drive to put employee engagement at the core of its workplace pension offer.

Research carried out by the retirement specialist and the CBI found that over half (55%) of firms considered greater employee engagement with pensions improved their ability to recruit and retain employees, while 44% of employers thought improved employee engagement would lead to better retention rates.

As well as introducing the concept and value of saving in a workplace pension the film covers:

  • The simplicity of saving including the concept of tax relief
  • How saving through your employer doubles the amount saved and the benefits of compounding returns over time
  • How online tools make it easy to keep track of savings.

Ronnie Taylor, chief distribution officer at Aegon, said: “At the moment many employees are unaware that workplace schemes boost their savings through free money in the form of employer contributions and tax relief. Raising awareness of this and other benefits of pension saving is key to the success of an employee’s financial future.

Taylor said Aegon has been investing heavily to deliver tangible initiatives such as the film which it hopes will make a difference to consumer understanding and engagement levels.

He added: “Many younger workers have competing financial priorities, which can mean pension saving falls to the bottom of their list, so it’s important to get across that regular saving from an early age builds significantly over time. As the UK has the least valuable state pension of any developed economy in the world, workers need to take control. Without active engagement with their pension savings, workers risk being entirely unprepared for retirement.”

The link to the film can be found here.

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