What is Pension Wellbeing and how can it save your business money?

August 05, 2021

According to AON’s 2021 pension survey, less than three in ten people say that they expect to retire at the standard retirement age. There is a direct link between your employees worrying about pension contributions and their overall wellbeing. Employees who are stressed about their finances are more likely to take days off from work due to mental health struggles. This will in turn be impacting your business’ productivity and overall success. The article explores how Pension Wellbeing can benefit both your business and your employees.

What is Pension Wellbeing?

Pension Wellbeing is a term that exists under the wider umbrella of financial wellbeing. Despite how important financial wellbeing is, the conversations around the topic are often broad and full of confusion. Mintago aims to help change this by focusing on pension wellbeing as pensions affect everybody. Ultimately, this means the difference between that carefree, dream retirement and a future that is much less appealing.

Pension wellbeing means educating and empowering your employees to take charge of their future, now. Those who understand the importance of their pension are inclined to spend time learning how to manage it and get the most out of their contributions, ensuring that they know how much they need to save for their future.

Mintago is on a mission to improve both employer and employee pension wellbeing. We provide individuals with user-friendly tools and the education they need to manage their pensions.

How pension wellbeing can save your business money

Employees’ pensions are one of the biggest lumps of money that employers have to manage each payroll. It therefore makes sense for a business to focus on saving as much money as possible in this area. Mintago helps employers reduce their national insurance contributions. The money that a business saves on national insurance contributions can then be put directly back into the business. Perhaps these savings could be reinvested on supporting their workforce.

To the average person, pension is one of their most valuable assets. The education that is part of pension wellbeing can help an employee to maximise their overall quality of life. This will ensure that they are aware of how much they need to contribute to their pension in order to achieve that comfortable retirement.

In fact, according to research, it is estimated that employers are losing around £15.2bn each year due to poor financial health. Through ongoing education, employees will be able to take more control over their pension wellbeing which in turn means a happier, more productive workforce as well as business savings.

The long-term repercussions if a business does not prioritise pension wellbeing

If financial wellbeing is not a priority, employers are unlikely to provide the support and guidance to live a financially healthy life. This could result in employees developing financial stress, causing a dip in employee work related satisfaction.

Evidence suggests a strong link between an individual’s financial and mental health, with financial worries being one of the most common causes of modern day stress. Pension wellbeing affects different people at different stages of their lives. If an individual contributes enough money to support their future retirement when they are in their twenties, they will not face the terror of discovering that they have run out of time to save enough. On the contrary, those who are unprepared for their future, risk learning in their forties and fifties that they do not have enough money to retire, or may have to retire far later than they desired. This can reduce an individual’s quality of life considerably.

How Mintago can improve your pension wellbeing

Mintago helps both employers and employees save money. Evidence suggests that the best place to help improve the Financial Wellbeing of society is within the workplace. Mintago is a mission-led business that cares about helping the maximum number of people thrive.

Many businesses are unaware of the salary sacrifice pension scheme offered by HMRC to help employers reduce national insurance contributions. Unfortunately, due to the lack of awareness, many businesses do not know how to implement it to their advantage. This is where Mintago can help. Mintago takes care of the whole process so employers and employees can enjoy all of the benefits of this scheme.

Mintago offers tools to improve employees’ overall financial and pension wellbeing. Pension schemes are currently set up in an extremely fragmented way. This makes it difficult for employees to take their pensions with them wherever they go. Mintago’s pension dashboard enables employees to find lost pension pots, design their dream retirement and increase their contributions.

Mintago believes that when it comes to pension wellbeing, having the right tools, education and support is essential. The most important factor however, is trust. Mintago works to become a trusted partner of an employer, taking the time to understand the businesses financial needs in order to offer a tailored solution.

By Mintago Team

Mintago is an FCA regulated company that helps businesses save on their workplace pension NI costs and improves the financial wellbeing of their employees. For the employer, Mintago provides a salary sacrifice pension hassle-free implementation program which creates direct savings on monthly (National Insurance) NI payments. We manage the whole process including communication, compliance and ongoing management. No need to switch pension provider, either. For the employee, Mintago’s unique financial wellbeing platform helps find lost pensions quickly, manage employee pension contributions, while helping them understand their financial situation with over 1,000 pieces of content.

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