Video tutorial: Pensions minister Guy Opperman on the need to engage staff with pensions and savings
British people need to fall in love with saving, according to Guy Opperman MP, Parliamentary Under Secretary of State, Pensions & Financial Inclusion for the Department for Work & Pensions.
“For a long period of time pensions have been in decline. We need to get the British people to fall in love not only with pensions but with savings and investment,” he said. “To grasp clearly that having money put away gives you options not only to own a home but to change career and survive life’s setbacks and the difficulties that apply, as well as to have a better standard of living in old age.”
Speaking in a keynote address at the REBA Reward Leaders’ Forum 2018 he applauded employers embracing auto-enrolment and said engaging employees around better financial planning was an important role in improving productivity and employee satisfaction with their employers.
“Automatic enrolment into the workplace has been introduced to encourage more people to save for their retirement and to make saving normal for most people in work,” he said. The policy had worked he said, and been embraced by employees and employers alike.
He outlined how the government was rethinking and reshaping rewards for a changing workforce as well as the challenge of better supporting self-employed to save for retirement. He also outlined how to better support older workers in the workplace too.
This video was recorded at the REBA Reward Leaders’ Forum 2018 in London on 18 April 2018.
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