Guest comment: A step change in pensions engagement

For many of us, our pensions are the biggest and most important investment we will make during our lifetime. And now over 22 million employees have a workplace pension, so this matters.

Yet unlike our bank accounts, we tend not to check our pensions regularly. But this will change from autumn 2022 and every year going forward.

According to the Association of British Insurers’ (ABI) research, 44 percent of 18-34 year olds believe it’s only important to check your pension when you are close to retiring.

That’s why, alongside the ABI and the Pensions and Lifetime Savings Association (PLSA), the DWP is supporting the introduction of an industry-led campaign to encourage people to engage with their pension.

Taking place this autumn, the ambition for this engagement season is to reach the record number of Brits who are now saving for retirement and to help them get to grips with the facts and figures they need to make informed choices about their financial futures.

This includes everything from knowing where your money is and who your pension providers are, to how much you have saved and how much you might need to save for the type of retirement you want.

It will build upon upcoming initiatives, such as pension dashboards and simpler statements, as well as existing work we’re doing to tackle small pots and locate lost pension pots – all efforts designed to help bring pension saving into everyday conversation and help boost Brits’ retirement planning.

Automatic enrolment has introduced 10.6 million new people to pension saving, but as we get more and more people putting money away for the future, it is vitally important that they have the necessary information and support they need - whether they are looking to save, see, or access their retirement funds.

We are committed to bringing about a step change for engagement in pensions and I am looking forward to working with the ABI and PLSA – and with other industry partners – to boost saver engagement.

We will also explore what other options there are to push pensions into the limelight and support people across the country to have the best retirement possible.

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