Those in the know, will be aware that today is Pension Awareness Day. As part of the campaign a big blue bus is travelling the length and breadth of the country to raise the profile of pensions.

Aboard this bus will be a team of experts, there to share their knowledge and top tips on saving for the future. So too, will Pension Wise, the government’s guidance service who will be there to drum up business for their appointments.

Auto-enrolment has so far been a fantastic success, with more than six million people enrolled, according to the latest figures from the Department for Work and Pensions. However, as we all know, there is still a lot to be done.

Contributions rates, for one, are the next big issue for auto-enrolment. People are not saving enough to provide them with an adequate income at retirement but there is also the risk of people opting out as contributions increase.

This will be the big issue going forward, one of the biggest challenges ahead that the industry faces. And this is why it is so important to not only make people aware of pensions and but also to make them care.

Take for instance, a recent status from a millennial friend of mine who wrote on Facebook: “I’ve opted out of my pension, so this month’s pay cheque has an extra £18 in it. I’ve spent it on wine. I hope homeless hungry Chloe understands.”

It was a popular status gaining 27 likes, which the average Facebook user will attest is a fairly successful outcome. Six others chose to comment - one declared it the ‘best status ever’, others were in hysterics and another cautioned ‘I hope it was worth it’.

Sadly there was only one response, not from me, which pointed out that when you pay in, the government and your employer pays in too, so you “literally will be homeless, it better be good wine”. It was perhaps a rather drastic response but there is every chance that when Chloe gets to an age at which she wants to retire, she won’t be able to because she hasn't saved enough.

Changing her mind however is no mean feat, after all she is years away from retirement and would rather live for the here and now than save for her retirement. That’s why I congratulate the team behind Pensions Awareness Day and wish them good luck with their tour. If you meet a Chloe on your travels, be sure to ask her how her bottle of wine was.

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