Our financial wellbeing service
Available to all our workplace pension scheme members, our financial wellbeing service gives your employees access to ongoing financial education and guidance, to help improve their financial knowledge, confidence and wellbeing.
And the best part? There’s no extra cost to you or your employees, so it’s a great way to show you care about their financial wellbeing whilst reinforcing the value they can get from their pension scheme.
Financial wellbeing service at a glance
Free financial guidance
Personalised experience
Supports employee wellbeing
Adds value to your employees benefits package
Can help build business resilience
What are the benefits for you and your employees?
There’s a growing responsibility for everyone to save for later life. And although retirement choices can often feel complex, many workplace pension customers don’t have access to financial guidance or advice.1
Our focus is on helping our workplace pension customers – your employees - achieve a good standard of living by helping them take control of their financial future.
1 Royal London Financial resilience research, Feb 2022. Q: Which of the following sources have you used in the last 2 years for support or advice with financial matters? (Base: 1421).
By providing a workplace pension scheme with free access to a financial wellbeing service, you can:
- Support your employees’ wellbeing.
- Add value to your overall benefits package, increasing engagement and sign up to your workplace pension scheme.
- Understand, through user insights, where your employees need additional financial support.
- Drive real business objectives such as increased productivity, reduced stress or anxiety related absence, and increased staff retention.
- Build your business resilience.
Your employees get access to:
- Free financial guidance and education to help manage debt, budgeting, long-term saving and retirement planning.
- A personalised experience - they’ll only see content that’s relevant to them.
- Interactive tools to help them model different scenarios and understand their options, and the opportunities ahead of them.
- Guidance that’s easily accessible at any time.
We’ll also help them understand if they could benefit from professional advice and if they don’t have one, help them find a financial adviser.
Tell your employees about our financial wellbeing service
You can raise awareness of this service, and help your employees understand the benefits, with our suite of employee engagement materials:
“Hi, I’m Sarah Pennells. My job here at Royal London is to look at financial issues that our customers face every day and to think about what we can do to help…
Whether that’s writing a guide on how to save money on energy bills or talking about making the most of your workplace pension in one of our webinars.
“Over the last few months, I’ve been part of the team working on our new financial wellbeing service. Taking control of your finances can seem daunting, especially if you don’t know where to start. But our new service is designed to help you become more money confident.
“We’ve got tailored support and guidance, that is specific to your personal circumstances and needs.”
“A key part of the service is our financial health check. You simply answer a series of questions about how you currently manage your money, your future plans and how you feel about things like your spending and your retirement plans.
It’s definitely not a test! But based on the answers you give us, you’ll get a tailored dashboard that shows you where can get more from your finances.
We’ve put together easy to read articles, covering a range of topics - from how to save money on your bills, and why a budget can be useful, to things to think about if you have multiple pension pots and how to start thinking about your life in retirement.
I’ve also recorded some short videos on subjects, such as how to track down lost pensions and how the state pension works. All aimed at helping you build up your financial know-how, so you can get a bit more from your money.”
“Whether you’re interested in learning how to save more, finding out more about your pension and saving for the future, or getting some guidance on debt, our new financial wellbeing service can help you take control of your finances.”
It’s an interactive online tool where employees can access free financial guidance.
When they first access it, employees complete a financial health check, which consists of multiple-choice questions.
They’re then presented with a financial health check score and personal dashboard highlighting areas of strength and improvement. The dashboard also contains curated topics tailored to their financial circumstances, with bite sized tasks that employees then complete.
Each task begins with a conversational chat to allow us to ensure we give them the most relevant content.
They’re then presented with a suite of engaging and relevant content such as guides, infographics, videos and interactive tools to encourage learning and help them understand more about the topics that matter to them.
It’s available to all our workplace pension customers, including those who have left employment but still have their workplace pension plan in place.
Your employees must be registered for our online service to use the financial wellbeing service.
If they're registered, they'll receive an email from us with a link to access the service. Once they've started using the service they can continue to access it via this link, and in future through online service