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Nationwide, the world’s largest building society is the latest client to sign up to the firm’s award-winning Guided Outcomes® (GO™) proposition;
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GO is a simple online solution that helps Defined Contribution (DC) pension savers meet retirement income goals by setting an income target and helping savers make decisions to get on track to meet it.
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Nationwide’s 12,000 employees will have access to the platform, helping them save for retirement.
With the help of GO, Nationwide aims to educate scheme members about how much money they might need in retirement and what they need to do to reach their targets. The technology also provides decision making support for employees nearing retirement.
Ian Baines, Head of Pensions at Nationwide commented: “We immediately recognised the benefits that GO can bring for our 12,000 employees in Nationwide’s DC scheme. Although our engagement with employees about pensions has increased significantly over the last few years, many people will still find the subject confusing. With GO, we’re confident that our employees will have the tools they need to help them plan for their retirement effectively. GO gives members the direction they often lack when considering their retirement savings.”
Lee Hollingworth, Head of DC Consulting at Hymans Robertson commented: “We are delighted that Nationwide is the latest blue chip employer to empower its employees to take control of their retirement futures using GO. For the UK as a nation we know there is a chronic level of under saving at the moment. Post Brexit the number of UK workers that won’t be able to retire with an adequate income has increased from two thirds to three quarters. People need to save more. When other companies have implemented GO a significant proportion of the workforce have done so. We know that people care about their futures and want to do the right thing, GO enables them to take action to secure a more comfortable retirement.”
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