The Department for Work and Pensions (DWP) has launched a new website for middle aged people offering free, impartial guidance on skills, health and finance. The scheme, dubbed the ‘mid-life MOT’, aims to help those aged around 45-55 consider their physical health and financial position, now and in the future, and ensure they are prepared for retirement.
The concept was launched by Pensions Minister Guy Opperman and links to The Pensions Regulator and Money and Pensions Service. The site explores different ways to stay healthy and active, the working options available in later life, and pension planning.
Stuart Price, Partner and Actuary at Quantum Advisory, praises the scheme, but says more needs to be done to make people notice. Stuart said: “I think the mid-life MOT is a great concept and I hope it will be successful. Sometimes people do just need a little wake-up call before they realise they need to take action.
The website provides practical advice for anyone considering their future and planning for their retirement, whether that’s in thirty years or thirteen years. However, I think it will take more than a website to get people onboard, and employers need to take some responsibility in educating staff on the importance of saving for the future. Saying that, it is reassuring to hear that the DWP is working on a guide for smaller businesses on how they can provide a similar assessment and guidance for their staff.
The mid-life MOT was first proposed in 2017 in the Cridland Report, which recommended a one-off check-up on people’s finances when they got to a certain age, similar to routine medical health check-ups.
For more information on the mid-life MOT, visit www.yourpension.gov.uk/mid-life-mot. For information about saving into a pension, visit www.quantumadvisory.co.uk.
Stuart Price, Partner and Actuary