£40,000 boost for North East retirement saving trials

THE Department for Work and Pensions has today announced a £40,000 funding boost in the North East to help people take stock of their health, skills and wealth as part of later life planning.

With the pandemic impacting people’s lives in different ways, many will already be reviewing their current situation – including those wanting a fuller working life, those able to put more into their savings after a period of working from home, or those looking to improve their resilience for the future.

At a time where many are worried about job security, the “mid-life MOTs” will enable people to identify the skills they will need for the job journey they want, helping them make more informed choices and build their future financial resilience. This initiative will help workers to plan for the future they want.

Minister for Pensions and Financial Inclusion Guy Opperman said: “It’s no secret I am a huge fan of this idea and I’m excited to see the results of the North East LEP’s trials.

“While we started work on this before the pandemic, the last twelve months have bought people’s financial resilience into sharp focus – making a mid-life MOT a timely exercise for many.

“And it’s not just about retirement savings but also about enabling people to enjoy a fuller working life by helping them understand the skills they will need to learn along the way.”

The North East LEP is partnering with Good Things Foundation, the UK’s leading digital inclusion charity, to explore how to embed digital inclusion into promotion and take-up of a Mid-Life MOT in communities and with local employers.

Michelle Rainbow, Skills Director at the North East LEP said: “In a region where employment rates have had the largest impact on 50-64 year olds, and Ofcom data shows that only 18 percent of people use the internet fully, the North East pilot will help people to overcome digital exclusion to access the online toolkit to assess their skills, health and finance and better plan for their futures.”

The trials will help the DWP understand:

  • The actions individuals take as a result of undertaking the mid-life MOT;
  • The user needs among those most at risk of experiencing long term unemployment;
  • The effectiveness of using local delivery channels and how these can complement the Money and Pensions Service (MAPs), the National Careers Service (NCS) and Public Health England (PHE), in supporting individuals with later life planning.

The funding given to the North East LEP is just one of ten to be given to LEPs across England. Each will receive up to £40,000 to develop, and implement, the mid-life MOT trials.

Find out about the Midlife MOT in the North East here.