OpenLearn and Legal & General make retirement planning easy

Did you know that this week - 14-20 September - is Pension Awareness Week?

There’s never been a more important time to think about the future and, while here at the Open University we’ve seen many benefits from the increase in demand for online learning, for many others there are increased levels of employment uncertainty.

Not only is this week Pension Awareness Week, but Legal & General also made Tuesday 15 September the day in which they encouraged everyone to ‘spend a day on retirement’, which made it the perfect day to announce the recently-created OpenLearn course, Retirement planning made easy.

Created in partnership with Legal & General and written by Martin Upton, Senior Lecturer in Finance at the Business School, the course sets out the series of stepping-stones to a financially secure retirement. It explains how those approaching retirement now have more options, both about when to retire and about how they use the pension 'pots' they have built up, and it examines these options to help you decide with confidence which are right for you.

It also considers what you can do if your pension is not sufficient to cover your spending needs in retirement.

With all the current uncertainty, having a solid understanding of retirement is a valuable tool to have in your back pocket. Our hope is that by encouraging older workers to engage with their later life finances, growing numbers will be equipped with the tools to enjoy a more comfortable retirement.

Emma Byron
CEO of Legal & General Retirement Income (who features in the introductory video for the course)

The Open University has been providing free online courses on personal finance education since 2014 and, according to Martin Upton, the feedback shows that the greatest and growing area of concern amongst our learners is pensions and planning finances for later life.

There is an array of evidence that a large proportion of people moving towards retirement are insufficiently informed or prepared when it comes to life after work.

This course takes learners step by step through the process of drawing up a forecast of pension income and spending in retirement. Recognising that many people will identify a shortfall in the income they need in retirement, the course sets out the ways that such a gap between income and spending can be bridged.

People turn a blind eye to the issues until it is too late, or they have unrealistic and uniformed views about both the income they will get in retirement and how much they will be spending; or they feel poorly placed to make choices about how to use their pensions - choices that once made are irrevocable. Retirement planning made easy addresses these issues in a clear and succinct course that is easy and fun to study.

Martin Upton
Senior Lecturer in Finance, OUBS

It is already proving a popular addition to OpenLearn’s personal finance options, alongside the likes of the MSE Academy of Money, with hundreds having already enrolled in the three hour, introductory level course.

Visit Retirement Planning Made Easy on OpenLearn