The Pensions Management Institute (PMI) has announced a new partnership with WEALTH at work to tackle the lack of financial education in the workplace.

WEALTH at work provides workplace financial education and in the new partnership with PMI, will provide commentary to help PMI members understand the issues and trends faced by employees and members when it comes to making financial decisions.

PMI says that, since the introduction of pensions freedoms, employers have a responsibility to ensure that employees are supported and understand the changes and implications.

However, a recent WEALTH at work survey found that 40% of employers surveyed do not offer their employees financial education around pension flexibilities at retirement.

PMI president Kevin LeGrand said this lack of education has to change.

"It is alarming that 40% of employers offer their employees no guidance or support around the new pensions freedom and it has to change.

"As part of the PMI's push to move things in the right direction for pension scheme members, WEALTH at work will tackle this issue by speaking directly to the 6,500 trustees and pensions professionals who are members of the PMI," he said.

LeGrand added that PMI looks forward to helping to redefine and transform the way employers support their employees in this "crucial decision making" process.

WEALTH at work director Jonathan Watts-Lay, said: "We are delighted to become an Expert Partner of PMI.

"The partnership will strengthen the cause to support employers with helping their employees to make the right choices in the lead up to and at the point of retirement and I very much look forward to working with PMI, which can only provide positive opportunities for its members."

First published 04.02.2016

Lindsay.Sharman@wilmingtonplc.com