Pensions Minister Steve Webb stated this week that he believes budget changes would fuel appetite for workplace pension advice at the Retirement Planning Forum Awards 2014.

I think he’s right. The guidance guarantee will surely explain just enough to people due to take retirement benefits to prompt the need for independent financial advice. Guidance for 15 minutes, even when it is free, is just not enough to cover the options for retiring staff.

With Auto Enrolment and the recent focus on pensions in the budget, employees are engaging more with pensions and, with the right advice in place at work, staff can start to understand pensions and retirement options.

Employers who lead on this issue and appoint Independent Financial Advisers (IFA) to advise their staff are likely to see the benefits of this approach. It is hard to measure the benefit to a business but the impact is a positive one.

In turn, some employees will feel more comfortable if they are dealing with an IFA who has been appointed by their employer. This may give the employees the confidence to engage on these complex matters of pensions and retirement income.

Appointing an IFA specialising in Employee Benefits to your business could be a win win for both employer and employee. Contact People and Business Independent Financial Advisers to see how we can help you.

Steve Speed 16/06/2014