How our online tools can help your employees understand their financial options
Workplace Thought Leadership Team | October 27, 2020
Time to read: 5 minutes
We look at how our online tools can help your employees see the impact of the choices they make today on their future.
Making decisions about finances can be difficult. But it doesn’t have to be. A great way to help your employees understand their financial options, especially when saving for retirement, is to direct them to online scenario tools.
We have a whole host of tools available, which are easy to use and designed to help your employees understand what they have in their pension pot and other savings, what they’ll potentially get and what they still need to do before they retire.
Here are four great tools you can encourage your employees to use to become more familiar with their options and help them prepare for retirement.
1. A financial health check
How healthy are your finances? It’s a question some of your employees may not know the answer to.
Our financial health check encourages your employees to really think about their financial fitness and get some handy personalised tips on what they could improve on. All they need to do is answer some simple questions about their current financial situation. We’ll then tell them what they’re doing well and where they might want to make some changes.
This kind of tool can help your employees take a step back and think about their financial wellbeing in a way they may not have considered before. For example, if they had to make a large unexpected payment right now, would this put them in serious financial difficulties? These kinds of questions, coupled with some helpful tips, could be the motivation your employees need to get their finances in good shape.
2. Retirement calculators
For some of your employees, retirement might feel like a long way off. But the financial decisions they make now will help shape the future they have when they retire.
Our pension calculator lets your employees check whether they’re saving enough and see how much money they could have in retirement. They enter their personal information, including their financial goals for the future, and then they get back an illustrative guide of how much they might get when they retire. These figures aren’t guaranteed. The value of investments can go down as well as up and could be worth less than was paid in.
This tool is helpful for highlighting whether there’s a potential shortfall in how much they’ll have to live on in retirement given what’s being paid in now. They can then make hypothetical changes to payment levels, add in one-off payments or transfers from other pension plans, and even change the age at which they want to start taking money. This can help them see what changes they need to make to help meet their retirement goals.
3. A to-do list for retiring
When your employees are approaching retirement, making sure they have enough money to support the retirement lifestyle they want is important. But it’s not the only thing they need to think about.
Our retirement checklist gives your employees a ready-made list of things to do and think about before they start taking their pension money.
From understanding all of their options, including how they can take their pension money, to getting to know the state pension, our checklist makes sure they have all the information they need to feel prepared.
4. Online pension dashboard – at home and on the go
Registering for online services is a great way for your employees to keep tabs on their workplace pension plans.
Through our online dashboard, your employees can review their plan details, make additional payments, find important information about where their pension savings are invested, transfer in other pension savings from outside Standard Life, and much more. Transferring won’t be right for everyone though. Employees must consider all the facts and decide if it’s right for them.
They can also change their investments, their selected retirement age and add or update their beneficiary information.
And, if they want to do this on the go, they can download the Standard Life app to smart phones and tablets. Similar to the dashboard, the app lets your employees keep up to date with their plan and review its current value. For more information, watch this video which shows you all of the features available to your employees through our mobile app.
Having all of this information to hand can make a big difference to how engaged your employees are with their workplace pension plans.
How Standard Life can help your employees engage with their pension plans
Encouraging your employees to use these tools could help them better understand their financial options and recognise what they may need to work on. And we can help you get the word out there.
Our ‘ready-to-go’ campaigns are available free of charge and are designed to support your employees with the choices they have as they save for their future.
We have 18 campaigns available, including specialised campaigns for managing pension plans online, managing money on the go, using our tools and getting a financial health check. Once ordered, we’ll send you everything you need within five days. You can also personalise the campaign materials to your company.
Our communications are well tested, and can help your employees understand the benefits of using online tools and making the most of their workplace pension plans.
You can also watch this video for more information on our online tools.
What’s coming up next?
We’re launching a new online tool early next year – the retirement income tool. It fully incorporates the new Pension and Lifetime Savings Association Retirement Living Standards which help provide more attainable targets for members. Your members will be presented with nudges based on data we hold and how they interact with the tool. We’ll give you more information about this when the tool launches.
It’s important to remember that tools are only a guide and the amounts and values they give aren’t guaranteed.
Standard Life accepts no responsibility for information in external websites. These are for general information.