News.

As part of this year’s Scam Awareness campaign by Citizens Advice, WEALTH at work is urging individuals to take proactive steps to protect their retirement savings.

This year’s Scam Awareness campaign by Citizens Advice focuses on educating people about current scams and providing practical guidance on how to stay Scam Aware.

The issue of lost pensions in the UK is escalating rapidly. Research reveals that the total value of unclaimed pension pots has surged from £19.4 billion in 2018 to £31.1 billion in 2024. Currently, there are 3.3 million pension pots classified as lost.

Individuals are being urged to prepare for significant changes to the way pensions are to be treated under Inheritance Tax (IHT).

The UK pensions landscape is entering a period of major reform, with new legislation and regulatory initiatives aimed at improving outcomes for savers.

Between the 22nd and 28th of September is UK Savings Week. With this in mind, WEALTH at work has prepared the following tips as the basis for strengthening your finances.

New research launched today amongst 223 companies representing 1.3 million employees has revealed that more than half of employers (51%) plan to make changes to their financial wellbeing offerings in the next two years.

43% working-age people (equivalent to 14.6 million) are under-saving for retirement, according to a recent report by the Department for Work and Pensions. In addition, research from WEALTH at work found that in the last year, almost a quarter of UK employees (23%) have had to borrow money from family and friends because of money worries, and almost a fifth have taken on debt (18%).

Many companies in the UK operate a Save As You Earn (SAYE) share plan often known as Sharesave, which provides employees with a tax efficient way to invest in their company’s shares.