Pensions  

Succession: Why we are supporting Pension Awareness Day

Succession: Why we are supporting Pension Awareness Day

Adviser consolidator Succession Wealth has joined Pensions Awareness Day in order to promote retirement saving, but says it is disappointed not more advisers have jumped on board.

Speaking to FTAdviser ahead of Pension Awareness Day this week (September 15), Paul Campion, chartered financial planner at Succession Wealth, said the firm was looking to promote good quality financial planning for the masses.

Pension Awareness Day takes place annually on September 15 with the aim to alert the nation that they need to save more for their retirement.

In acting as a supporting firm, Succession is helping to spread the word and raise awareness about the initiative and its events through its social media channels.

The campaign was created by Pension Geeks, which was recently acquired by Aegon, and runs a series of tours and workshops to help people understand how much money they will need in retirement and what they need to do in order to reach their savings goals.

Campion said: “It is a great initiative and I'm pleased that we have people that are pushing for it. I think it's slightly sad that it's so provider driven and not more advice driven."

Pension providers such as Scottish Widows and Aon have sponsored the initiative, while Royal London and Aegon act as ambassadors. Now Pensions is a partner and runs some of the webinars.

This is the second year in which the campaign will be run virtually, offering live webinars, Q&A sessions and 121 talks with experts.

Getting the message across

Campion believes face to face and interactive video had to be the way forward with events such as this in order to get the message across to people, which is why Pension Awareness Day has been successful over the years and keeps growing.

Campion also raised the issue of the advice gap, saying he hoped the campaign would show people the value of taking advice or guidance.

“There's a lack of advisers, and there's been a well documented advice gap,” he said. “What we actually need is a change of regulation to make it far more affordable to address that issue.

“Lots of people need advice. If you can afford to fund your pension, you can probably afford advice. But it's more whether you want to afford advice and the reward that it gives because advice is so expensive. 

“And it's expensive because of the burdens that we face.”

Campion went on to explain that early on in his career he saw how much of a need there was to help people with their pensions.

He told of a client who was a store assistant at Sainsbury's who had a money purchase scheme he was struggling to understand.