Pension Awareness Day – get on board and get support!

For one week, starting on 14 September, Pension Geeks will travel on a ‘Pension Awareness’ double-decker bus to Edinburgh, Leeds, Manchester, Birmingham and London.

Together with sponsors Scottish Widows, they will spend time with consumers, employers and advisers talking about some of the hottest pension topics, and discussing how people feel about their financial futures, their worries or concerns and providing help and support.

Pensions Specialist from Scottish Widows, Robert Cochran, said: “With so much change in pensions, it’s really important for employers to be aware of how they can support their workforce, and encourage them to engage with their retirement plans.

“More people have workplace schemes than ever before, thanks to auto enrolment, but only 56% of the UK population is saving enough for retirement. Over the next three years AE contributions will rise to 8% but we’re concerned people might start to leave their schemes as it increases. We need to guard against this and discourage complacency in those who continue to contribute.

“Auto-enrolment is a big step in the right direction but evidence suggests that even 8% won’t be enough, so talking about the issues and understanding the barriers are starting points for encouraging employees to prepare for retirement.”

This article was supplied by Scottish Widows.