Pension News Government Extends Pension Education Scheme

Written by Editorial Team

28 May 2008 / by Joy Tibbs

Pensions Minister Mike O’Brien has revealed that the Government will extend its pensions education scheme until March 2009. The projects, which have been running since January 2006, have already reached approximately 100,000 people, and it is hoped that the extension will allow more people to take part.

Mr O’Brien said that 26 projects across the UK will share the £1.47 million pension education fund. Each aims to discuss pensions and retirement planning with people in the workplace in an engaging and clear way. There are various formats for each project including presentations, workshops and one-on-one retirement planning.

Mike O’Brien said: “The Pension Education Fund is about trying to reach people who perhaps have never thought about pensions or what they might do when they retire.

“The scheme is a useful way to give people the information they need to make decisions about their futures. The workplace is an ideal place to do this; often someone’s first contact with pensions is through their employer’s scheme and research shows that workers trust their employers to provide accurate information about their pensions.”

He added: “There is an appetite out there for simple information about pensions and finance in general. Whether it be tackling debt, saving towards a mortgage deposit, or planning for retirement, people have to make important financial decisions throughout their lives.

“The Government is currently working with the FSA [Financial Services Authority] to set up a Money Guidance Pathfinder project following recommendations by an independent review. This will help people find their way through the money maze by providing simple generic advice.”

© Fair Investment Company Ltd