PensionsSep 18 2014

Campaign aims to raise pension awareness

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A campaign has been held to “get people talking about pensions and to help them understand their financial needs in the future.”

Pension awareness day, which was held on 15 September, has seen companies and advisers across the country encouraging people to buy its wristbands and take “pension selfies” of them wearing these.

The campaign website gives users information on how pensions work and the importance of saving.

Patrick Haines, regional head of advice for national merchant banking group Close Brothers Asset Management, said: “Decision-making for financing later life should not simply be left until the cusp of retirement. Early planning is crucial.”

In its 16-page paper Getting Ready for Ageing: a Manifesto for Action, the charity Ready for Ageing Alliance argued that policymakers, individuals and the voluntary sector must be better prepared to deal with an ageing society.

At the same time, actuary firm Hymans Robertson calculated that over-55s could withdraw up to £5bn more than normal from pension pots when the chancellor’s reforms come into force in April, with around £3bn of this expected to be spent on luxuries such as cars and holidays.