6 June 2005 - Innovation and creativity to be rewarded by Pension Education Fund
Not for profit organisations are being asked to come up with innovative ways to encourage working people including the self-employed to provide for their retirement and improve working people’s financial awareness. Those with the best ideas will receive money from the new Pensions Education Fund.
The Fund is part of a programme that brings the Government, the wider public sector, and voluntary and community groups together to secure the success of the UK pensions fund and empower people to make their own decisions about their levels of income in retirement.
Stephen Timms, Minister of State for Pensions, said:
“This is an exciting opportunity for organisations to share their ideas and gain the funding to realise them. There are still many working people not saving for their future and we want to target hard to reach groups with the least retirement provision, for example the self-employed, women and young people.
“Research shows many people have low levels of understanding when it comes to planning for their retirement. This initiative will provide them with accurate information from a new trusted, impartial source.”
The Fund, which is administered by the Department for Work and Pensions (DWP), will welcome applications that show:
- An innovative and creative approach
- Partnership working with employers
- A contribution from the bidder, either financial or in-kind
- Activity based in the workplace, where this is practicable and feasible
- Recent and relevant experience in providing financial information in relation to retirement planning
Notes for editors
- The PEF was previously known as the Pensions Challenge Fund and was announced on 27 September 2004
- Trade unions, charities, trade associations and other not-for-profit organisations are invited to apply. Applications must arrive by 2 September 2005.
- Applications will be considered by a DWP evaluation panel, working with independent external advisers.
- An application pack can an be obtained from the Pensions Education Fund, Room BP9158, DWP Benton Park View, Newcastle upon Tyne, NE98 1ZZ, or you can email PensionsEducationFund@dwp.gsi.gov.uk. Details are also available on the Department for Work and Pensions website at www.dwp.gov.uk/pef/
- The Pensions Education Fund will support all the Informed Choice objectives for employees and the self-employed.
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