Pensions 

Govt launches mid-life MOT portal

Govt launches mid-life MOT portal

The Department for Work and Pensions has today (February 20) launched a portal promoting mid-life MOTs to businesses.

The website, developed in partnership with Public Health England, the Money Advice Service and the National Careers Service, includes advice for people who want a financial and physical stock-take at a crucial point in their careers, the DWP stated.

Besides providing a link to the government’s check your state pension website, the portal also references guidance provided by The Pensions Advisory Service (Tpas), the Money Advice Service (Mas) and Pension Wise.

Guy Opperman (pictured), minister for Pensions and Financial Inclusion, said: "There comes a point in life’s journey when we need to take a closer look under the bonnet, when retirement no longer seems a million miles away but there’s still plenty of road ahead before we need to turn off towards retirement.

"A mid-life MOT can help people make sure everything is heading in the right direction – so everyone is fit for the road for years to come.

"But an MOT wouldn’t just benefit an individual. The evidence from the Aviva trial shows that businesses providing them benefit massively, by having a healthier and more settled workforce."

FTAdviser reported in October that the pension provider will be rolling out its mid-life MOT to its employees aged 45 and over this year, after a pilot conducted in 2018.

The DWP is also launching a guide for SMEs in partnership with Business in the Community (BiTC).

Anne Willmot, age campaign director at BiTC, said employers played a vital role in enabling their staff to build their financial plans.

She said: "This then helps with the retention of older employees and so keeping crucial knowledge and skills within businesses.

"Our new toolkit has been designed specifically with small and medium sized businesses in mind and sets out how a mid-life MOT can help both employers and employees."

maria.espadinha@ft.com