The UK is in a savings crisis, with the majority of workers pessimistic about their financial future1. In response, pension provider Penfold has launched a ‘Solutions Hub’, as part of a redesigned website, that simplifies pensions and helps users plan their financial futures. 

The ‘Solutions Hub’ is built for two audiences – employers and savers. The platform also features a set of ‘Employer Tools’ for Penfold’s user base of businesses, accountants and financial advisers.  These tools show businesses the value of improving a pension scheme. An ‘Employee Retention Calculator’ shows how much businesses can save on employee turnover costs.  

Penfold makes pensions simple and easy to understand. For savers, the ‘Hub’ covers everything from pension basics to tricky transfers. The brand is aiming to help everyone build healthy saving habits so they can feel good about their future. 

The move comes as a recent IFS report2 found that many workers are simply not saving enough:

• 61% of private sector employees are saving less than 8% of their wage towards their pension. 

• For those on lower incomes or self-employed, the contribution rate is even lower

• 20% of working-age private sector employees do not engage in any pension saving in a given year. 

The ‘Hub’ aims to help remedy the crucial issue of Brits sleepwalking into a retirement savings crisis. It provides accessible and engaging solutions, promoting a better understanding of pensions and enabling workers to more easily plan their financial futures.

Pete Hykin, co-founder of Penfold, said: 

“A user-friendly pension that sits on a mobile phone enables people to more easily access and manage their pension. It means they don’t have to send emails, wait for letters to arrive or spend ages waiting on the phone to make changes or find information anymore. This means people will engage with their pension more often, giving them an always accessible view of their financial future.

“Businesses can support employees by offering them these kinds of tools to improve their financial wellbeing. Our new website also offers a host of ‘employer tools’ that make it easy for employers to build engaging pension schemes. The solutions on offer support companies to answer any questions employees have about pensions.”