Understanding pensions can be a daunting task for many – the West Midlands Pension Fund (WMPF) is stepping up to provide much-needed education and support at Education Executive Live
According to research conducted by a financial think tank at the end of last year, nearly 60% of UK adults admit to feeling confused or lacking understanding when it comes to pensions, with only 10% reporting a good grasp of the subject.
The study, which surveyed over 3,000 working adults, found that concerns over pension clarity are particularly prevalent among adults under 35, with potentially as high as 41% expressing worries. Additionally, the research highlighted a significant disparity between genders, with women less likely to seek pensions advice compared to men, indicating a notable gap in knowledge, likely due to a lack of confidence in seeking information.
In an effort to address this issue and enhance confidence in pension knowledge, the West Midlands Pension Fund will be present at Education Executive Live to provide attendees with general information about the Local Government Pension Scheme, covering various aspects from retirement to pension access.
The seminar will be led by Alison Rees, a Member Relationship Officer within the Member Services Team at West Midlands Pension Fund, who brings 35 years of experience in providing LGPS information. During the seminar, Alison will provide insights into Annual Benefit Statements and assist SBLs in understanding their contributions and benefits.
Discussing the importance of clarifying pension information for school business leaders, Education Executive Editor Laura Williams said, “We are thrilled to welcome the WMPF to EdExec Live; there is clearly a growing need for better understanding around pensions for SBLs, particularly during the current economic crisis when planning for financial future becomes more crucial.”
If you have not yet booked your ticket to EdExec Live, you can find more information here:
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