1813 Club and Premier Members Understanding pensions


Around a quarter of all employees in the UK admit that they don’t know what their pensions are worth. And, strangely, this figure rises


among older workers – the ones who are closest to using their pensions. This is according to a new survey


- ‘Changing Trends of Financial Wellbeing’ – which has been produced by merchant banking group Close Brothers, who provide financial support and advice to small businesses and individuals in the UK. The wellbeing survey found that


prior to March and the onset of coronavirus, the long term savings market in the UK was in good shape, with a notable increase in the size of this type of saving. However, Close Brothers says this


has now changed, thanks to a squeeze on savings, not least caused by the pandemic, with many people being forced to turn to savings to keep going. The new survey found that just


over half (54 per cent) of UK workers in larger businesses were financially prepared for the coronavirus crisis, although a fifth felt unprepared – including eight per cent who felt ‘very underprepared’. As a result, half of workers


surveyed said they had plans to boost their financial situation, with 54 per cent of them aiming to keep a closer eye on day-to-day spending, and 46 per cent planing


Surveyor brings in new director


Chartered surveyor Pennycuick Collins has appointed Dale Jones to its board of directors. Mr Jones specialises in


residential property management, and has been with the company since January 2017. Residential property


management is an area that Pennycuick has grown significantly, with Mr Jones instrumental in bringing in a number of high-profile clients Pennycuick board member


Lyndsey Cannon-Leach said: “Dale has proved himself as an invaluable and trusted member of our residential service charge team since joining Pennycuick Collins almost four years ago but has taken on an even more significant role since the business incorporated in 2018.”


Jeanette Makings: pensions still the ‘bedrock’ of retirement


to save more into an emergency savings fund. At the same time, the survey


found that a third of employees (33 per cent) over the age of 55 did not know what their pension was worth – and of those aged over 65, 30 per cent said they couldn’t even guess what the value of their pension was.


‘It’s imperative that employees understand their pension’


Jeanette Makings, head of


financial education at Close Brothers said: “With pension freedoms and reduced lifetime and annual allowances, pensions are no longer the only solution to save for a


secure retirement, but they are still the bedrock and most significant option for most employees. “It’s imperative that employees


understand their pension and the importance of saving for retirement throughout their life, not just when approaching retirement. “Regular monitoring, education,


and engagement helps develop the necessary tools to take control, as well as helping guide them to make informed choices to suit their savings needs. This is just as vital for employees joining their first workplace, as it is to those at the point of retirement.” On the impact of the Covid-19


pandemic on employee financial wellbeing, she said: “Covid-19 has drastically changed all aspects of life as we know it, but it has also brought a sharper focus on money, particularly in how prepared we are to weather unexpected financial events. “There remains a huge amount of


uncertainty around the short, medium, and longer-term impact of the Covid-19 pandemic on individuals and businesses too. Financial stress can affect mental health and an individual’s engagement and performance, so impacting business results. “Employers that provide financial


wellbeing support, particularly during the most challenging of times, are likely to increase loyalty and respect as well as offering the support to encourage better financial futures for their employees.”


Law firm backs ladies’ team


Law firm Clarke Willmott is helping a West Midlands women’s football team on their way to becoming a semi-professional outfit. The team is Alvechurch


U16s Ladies Team, which Clarke Willmott is now sponsoring. The relationship between


the two began last season, which was terminated early due to the Covid-19 crisis. Jonathan Morton, a partner


in Clarke Willmott’s Commercial Property team, said: “We thoroughly enjoyed sponsoring the Alvechurch U16s Ladies team last year and we were just as disappointed as the players were when the season came to an abrupt halt due to the Covid-19 pandemic. “We were pleased to sign


up again this year and see the team enjoy such a strong win in their first match. They are a very talented group of players and we’re proud to assist with their development as they move towards semi- professional status. “We’re keen to support local sports-based charities that provide youngsters with a healthy outlet for their energies, and that’s especially important when resources for young people are limited and under pressure.”


Grant for National Arboretum


Staffordshire’s National Memorial Arboretum has been awarded a life-saving grant by the Government of £297,000, to help it survive the Covid-19 crisis. The Arboretum, at Alrewas, near Lichfield, is the UK’s


site of national remembrance and its objective is to honour the fallen, recognise service and sacrifice, and foster pride in the British Armed Forces and civilian community. It is among 450 heritage organisations to receive


£103m of funding from the government’s Culture Recovery Fund. The culture and heritage sector has been hit hard by


the coronavirus disaster, and the £297,000 awarded to the 150-acre woodland and garden site will enable it to remain viable, despite remaining open only to limited numbers of pre-booked visitors. Philippa Rawlinson, managing director of the


National Memorial Arboretum, said: “Throughout the summer months we welcomed many people to the Arboretum following our re-opening, many of them eager to enjoy the great outdoors. However, this year has still been financially challenging as we continue to suffer from the loss of income due to our period of closure and the continued limit on visitor numbers. “This latest grant is invaluable support as we work to


secure additional funding and make preparations for the long-awaited day when we can ease restrictions.


November 2020 CHAMBERLINK 29 “Our whole team is determined to ensure we remain


the nation’s year-round place to remember, freely open to all.” Ros Kerslake, chief executive of the National Lottery Heritage Fund, said: “It is absolutely right that investing in heritage should be a priority during this crisis and this support by government is crucial. “Our heritage is still facing a perilous future – we are


not out of the woods yet. But this hugely welcome funding from government, and the money we continue to invest from the National Lottery, has undoubtedly stopped heritage and the organisations that care for it being permanently lost.” The National Memorial Arboretum remains open to only pre-booked visitors for the foreseeable future.


Life-saving grant: The National Memorial Arboretum


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