Government funding to help workers understand pensions

News Article - 30 May 2008
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The government has announced that it is providing additional funding for a range of pensions education projects.

A series of pension education schemes will be extended until March 2009 because of the extra cash from the Pension Education Fund.

The £1.47 million worth of funding will be shared by 26 projects across the UK in a bid to help workers to better understand the UK's pension system.

According to the Department for Work and Pensions, the projects, established in January 2006, will reach people who know little about pensions in the workplace, helping them to make decisions about retirement planning and their futures.

Pensions minister Mike O'Brien said: "The Pension Education Fund is about trying to reach people who perhaps have never thought about pensions or what they might do when they retire. The scheme is a useful way to give people the information they need to make decisions about their futures."

Research has indicated that workers trust their employers to provide them with accurate information about their pensions.

The government recently admitted that up to 73,000 of married women may not be receiving their full state pension after time spent caring for children and adults was not taken into account.

Accounting software can help businesses to meet their pension obligations and manage employee pensions effectively.

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