The Pensions Management Institute (PMI) has launched a new financial education and guidance service in conjunction with Wealth at Work, called ‘Retirement Matters’.

The service, launched today (27 July), will support employees and pension scheme members approaching retirement by helping them to understand how to make the most of their pensions and savings, and to make better-informed decisions as to how to maximise retirement income.

A range of resources will be available through the service, including online seminars, one-to-one guidance, digital content, and, once social distancing measures allow, classroom workshops.

PMI and Wealth at Work are also offering employers and pension schemes a free 60-minute introductory online seminars next month.

Commenting on the launch, PMI chief executive, Gareth Tancred, said: “Most employers and trustees recognise that for those members nearing retirement, it is important that they are well equipped to understand their retirement income options and how to mitigate any associated risks.

“The PMI are well aware of these issues and are pleased to be able to support trustees, schemes and employers through the provision of retirement-focused financial education and guidance service provided by Wealth at Work.

“Not only does this help us achieve our fourth objective of our five-year plan to make a difference to the economy and society; but it helps pension savers make well-informed decisions which will lead to improvements in their overall financial wellbeing.”

Wealth at Work director, Jonathan Watts-Lay, added that it has “never been more important” to provide support for those nearing retirement since the introduction of freedom and choice.

He emphasised the difference it can make to savers when they discover how to get the most out of their pensions and any other savings and investments, adding that this service will ensure those approaching retirement are able to make informed decisions.

“Our programme will help employees and pension scheme members understand their retirement income options and be aware of the risks involved whether that be the risk of being scammed or simply paying more tax in retirement than they need to,” he concluded.

The guidance follows analysis by Squire Patton Boggs, who warned that the pandemic has “shone an unflattering light” on individual financial health, as well as highlighting issues around member understanding and engagement.

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