How housing associations can support their employees with the cost of living crisis

Recent media coverage of the “cost of living” crisis has focussed on the impact on both businesses and residents. For defined benefit pension schemes, this will be the first time in a generation that Trustees and Administering Authorities have had to consider the implications of high inflation on their overall strategy and day to day operations.

There are a number of ways housing associations can prepare and support themselves, and their employees, through this high inflation period by considering their own pension and benefit strategy.

Helping your employees with the cost of living crisis

The cost of living crisis brings about financial difficulties for all UK workers, and many employees will look towards their employer to help them manage their own finances. Isio is working with clients to help employees improve their own financial wellbeing. 

With inflation rising to levels not seen since the 1970s, increases in energy, fuel and food costs are affecting everyone. There are some things organisations can do to help employees in these challenging times.
 
We’ve identified some easy actions a housing association can implement to help employees enhance their take home pay whilst finding the right balance between spending and saving. Alongside this, Isio can provide access to tailored educational materials, seminars and one to one coaching to leave your employees feeling confident and empowered.   
 
While there is a lot of information available, is it often difficult for employees to navigate. Isio’s approach is designed to make it easier for both employers and employees to access the specific support available. Our pensions advisors and financial coaches are knowledgeable and experienced, and can share knowledge in a relaxed and friendly way.

We’ve identified four clear actions housing associations can take to help support employees during this crisis:

1. Financial education.
2. Flexible pensions.
3. Salary exchange / salary sacrifice.
4. Discount scheme.

Isio is one of the country’s leading independent pensions advisory firms, known and respected for its agility and the team has more than 1,000 client relationships. We're working with our pensions advisers Isio to keep the sector up to date on key areas affecting housing associations.