Video tutorial: Stuart Hopley of Scottish Widows on understanding if enough is enough financially

Whilst auto-enrolment has captured many of the UK population have they really considered whether they have enough ready for retirement, asks Stuart Hopley, workplace pensions specialist at Scottish Widows.

Speaking at the REBA Employee Wellbeing Congress 2019, he said that many failed to realise the true value of pensions. Employees have three main questions, according to Hopley – what have I got, is it enough and what do I need to do next.

He reminded employers that the basic auto-enrolment rate simply wasn’t high enough and that there was a lot of work to do. He said it was important to help employees understand their pension personality and the impact that may have on their future finances.

“People don’t like talking about money but you absolutely should,” he said. However, responsibility was often on the individual to chase the information so at Lloyds Banking Group he said the company was now showing pension values alongside customer bank accounts in an initial experiment with Scottish Widows. “That’s a really fantastic way to help people normalise the view of pensions as part of their everyday life.” Being able to talk about pensions more was also important, he said.

This video was recorded at the REBA Employee Wellbeing Congress 2019, held in London on 20 June.