The mid-life MOT could bring a “commercial benefit” to businesses, Pensions Minister Guy Opperman has stated.
Speaking at the PLSA annual conference, Opperman said: “The evidence will show absolutely conclusively that if you wish to retain your people, the 20 year people who have absolute muscle memory of your business, if you wish to have a real understanding of how you are going to have the people who are 40,50,60 continuing to work in your business and making sure that they continue to push your business forward, then a mid-life MOT is something that helps them do that.”
He mentioned the importance of financial companies assisting their employees with financial awareness, “because if they aren't engaged in finance and financial decisions and awareness of their situation, frankly I don't know who is”.
Opperman also highlighted Aviva’s work on a mid-life MOT, which from 2019 will provide targeted guidance on wealth, work and wellbeing for its employees aged 45 and above.
Aviva’s mid-Llfe MOT will encourage employees to review their finances, to support their repositioning towards a longer working life, and to retain the skills of this age group. It will include guidance seminars, complemented with a 12-part guide, a free 30-minute consultation with a financial adviser and signposting towards relevant government resources.