Financial wellbeing.

encouraging pension saving

As is with our customers, financial stability of our employees is an important part of their wellbeing. With our auto enrolment staging date in 2013, we wanted to engage with all our employees (regardless of current pension arrangements) so that they would understand the importance of saving for their retirement.

To capture their imagination, we ran a project in conjunction with Age UK and their ‘More money in your pocket campaign’ inviting employees to live for one week on the base state pension. Working with Age UK, we excluded rental / mortgage repayments, utility bills and work travel costs as these were not reflective of working employees. This left £70 to live on for one week.

The £70 was to be used for food, clothing, and all social activities. Volunteers also had to see if they could save anything for emergencies or holidays. It was hoped that the change to volunteers’ lifestyle would prompt thoughts on them saving for retirement and also prompt their colleagues to review their own saving objectives.

The project lasted two weeks. For the first week volunteers lived as normal and recorded normal activities and spending. For the second week they lived as a state pensioner on £70.

The project was run alongside the television programmes shown by the BBC in conjunction with Age UK to show the hardships encountered by pensioners.

employees housing pressures

In 2013 we will be running a number of employee surveys on their wellbeing to understand their worries about external pressures that may affect their performance or that we can support better as an employer. We will be starting by working with Shelter to run a housing pressures survey across our workforce

Shelter: The housing crisis

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