The Pensions and Lifetime Savings Association (PLSA) have today launched new guidance to help employers start conversations with savers and encouraging them to educate their workforce about how their pension scheme works.

Laura Myers, Head of DC at LCP, commented: 

"We know that there is often reticence from pension schemes and employers to give guidance to employers on their finances because of the grey areas around what constitutes as advice or guidance. The PLSA's new guide provides a much needed overview of how employers can help their employees navigate and understand their finances while steering clear of giving advice. In our latest survey on the state of the nation's financial health we found that  on average, 1 in 4 employees (25%) feel concerned and negative about their finances so we know better communication and understanding on these topics would be appreciated by many employees and would help improve workplace savings. Talking about pensions and finances shouldn't be taboo and given we know that many people don't even know how much the state pension is, makes it even more important to educate and help."