Pensions  

Providers and schemes team up to push engagement with pensions

No two people are the same

Research by ABI and PLSA found that only 20 per cent of people are confident they are saving enough for retirement and without any action to save more, millions of people risk not having enough money to meet their needs.

Despite initiatives to improve understanding and raise awareness among savers, engagement with pensions remains too low: over half of the public struggle to find their pension information.

The resources of the campaign will be made freely available to use by all those who wish to participate across the pensions industry, including employers, regulators, and government departments. 

Guy Opperman, pensions minister, said: “Engagement season will complement the crucial work already underway on pensions dashboards and simpler statements, helping savers get to grips with their pensions and bringing retirement saving into everyday conversation.”

“I warmly welcome this campaign from the ABI and PLSA and look forward to working together – and with other industry partners – to help bring about a step change in how the record number of Brits now saving for retirement engage with their pension.”

Other members of the industry welcomed the campaign too. 

Katharine Photiou, commercial director of workplace savings at Legal & General, said boosting people’s engagement with pensions is crucial if they are to have the retirement they expect. 

“No two people experience retirement in the same way and as a pensions industry it is on us all to make the whole process as simple as possible,” she said. 

“As we approach the 10 year anniversary of auto enrolment it’s clear we need a step change.”

The firms acting as sponsors for the campaign are Aviva, Standard Life - part of Phoenix Group, Royal London, Scottish Widows, Fidelity, L&G, Nest, Pru - part of M&G group, Smart Pensions, the People's Pension and Now: Pensions.

Supporting the campaign are Hargreaves Lansdown, Railpen, USS and Just. 

Jamie Jenkins, director of policy & external affairs at Royal London, said: “Navigating the world of pensions can be difficult, so it’s encouraging to see the industry pulling together to support savers and help them make sense of their retirement planning.

“Long term savings requires long term planning and by helping people create a better connection with their pension we can help achieve that. Research tells us that almost half of adults want their pension to be doing good in the world and by tapping into the broader awareness of responsible investing we can switch more savers on to the power of their pension.”

Jenkins said an industry wide campaign will help narrow the engagement gap and boost better later life planning.

Phil Brown, director of policy at B&CE, provider of The People’s Pension, added that this initiative is putting retirement savers at the heart of government strategy and will help to improve pension engagement by enabling the industry, as a whole, to communicate in a coordinated way.