A “mid-life MOT” can help people plan for retirement better if they are targeted in the correct way, new research shows.
Following the review Aviva, Legal and General, The Pensions Advisory Service and Mercer tested how the concept could be developed in practice through four case studies.
In one example, 100 Aviva employers with different roles and all aged between 45-60 were invited to take part and 94 participated in seminars delivered in Norwich.
Ninety four out of 100 invitees took part in the study with signs there is demand for more support.
Aviva is now planning how the 100-person pilot can be scaled to benefit its 5,000 employees in the 45-to-60 age cohort.
In another study, TPAS focused on providing a one-to-one consultation to 20 self-employed people to help them prepare for retirement.
Most people stated they will take action as a result of their consultation with TPAS while nearly all participants stated they were going to save into a pension and were going to check their state pension.
The findings from these studies give a range of lessons for anyone providing a mid-life MOT to consider.
They show it is important to know the target audience, realise age is not a fixed concept and understand there is no one-size-fits-all for delivery.
Similarly, content must be focused and to maintain interest in the mid-life MOT participants need to be signposted to places where they can review their progress like Pension Wise.
Centre for Ageing Better chief executive Anna Dixon says: “Many are juggling work and caring responsibilities with little time to look after their own health and wellbeing.
She says: “These time and resource pressures make it hard to plan ahead and take action. People in mid-life could benefit from better access to information and advice to plan and prepare for their later lives.”