Our guest blogger, Ian Simons from the Chartered Insurance Institute, highlights some financial aspects to consider when returning to work.
Planning your return to work is a great opportunity to take stock of your current financial situation and plan for your future. The tips below, taken from the Insuring Women’s FuturesFinancial Wellbeing Guide, show how you can actively engage in your own financial life journey and also raise awareness of the financial Perils and Pitfalls facing women.
Engaging in your own financial life journey
As you return or search for work you should consider the below:
1. When researching potential employers take time to compare financial packages, pensions and perks
2. Research the gender pay gap – reporting legislation requires employers with 250 or more employees to publish statutory calculations annually
3. Understand employers’ opportunities for flexible workers – openly disclosing policies is a good sign
4. Find out from potential employers what are the career prospects for returners and those with family commitments and are there carer policies?
5. When you start a new job, check out your employer’s pension arrangements, free employer contributions and tax deductions, and fully consider joining the pension scheme. If there are options on how much to contribute, you might be surprised how much bigger your pension pot could be if you paid in at a higher rate, together with the added ‘free employer and tax relief money’
6. If you want to work part-time, in multiple jobs or temporarily, think carefully about how you can maximise your workplace pensions (including any existing policies you may have) and any eligibility criteria that might preclude you. Reflect on whether you might be inadvertently missing out on valuable contributions
We encourage you to read the full Financial Wellbeing Guide, in particular the re-entering the workforce section, to review your personal situation in more detail.
Arming yourself with knowledge
Once you have assessed your specific situation there are many places you can go for more information including:
- Insuring Women’s Futures website: The resource page contains research, videos and links to useful websites and tools
- ACAS website: You can find out more here on equal pay and gender pay gap reporting
- Your employer: Once you are back at work, many workplaces run sessions for returners or have helplines
- Your existing pension provider: Find out the position of your existing pension schemes and understand your options for reinvestment and transferral
- An independent financial adviser: If you need further financial advice, you can search for a qualified, local financial adviser on Findanadviser
This November, Insuring Women’s Futures are running a campaign called Talk 2 10K. They are challenging as many people as possible to talk to at least 10 other people about women’s financial wellbeing. To get involved all you need to do is:
- Read the toolkit and watch the webinar
- Organise your conversations (these can be anything from a chat with a friend to a formal session with colleagues)
- Spend a few minutes on 21 November sharing an anecdote, photo or video from your conversations on social media – make sure to use the following in your posts – #MakeEachMomentCount #InsuringFutures #WomensFinancialWellbeing and @CII
Ian Simons is Marketing Director at the Chartered Insurance Institute.