Pensions Awareness Week highlights the importance of understanding the UK pension system, with Imran Razvi, Senior Policy Adviser – Pensions & Institutional Market at The Investment Association, urging more open conversations about future finances and greater engagement with retirement planning.
Pensions Awareness Week is an important initiative aimed at educating and empowering individuals about their pensions and retirement planning. In the face of challenges such as low contribution rates and limited engagement among younger people, Imran Razvi, Senior Policy Adviser – Pensions & Institutional Market at The Investment Association, highlights the urgent need to improve understanding of the UK pension system and encourage more active participation.
“Our research has shown that far too few people in the UK are having important conversations about their future finances. Almost half (45%) of UK adults don’t discuss retirement planning or pensions with anyone, and just 1 in 3 (35%) would discuss retirement with their partner.
“We want to see pensions and retirement planning become an everyday topic of conversation, with people also able to access the professional support and guidance they need. Taking steps to understand your pension and think about the life you’d like to lead in retirement is key to making decisions that work for you and building your future financial resilience.
“People today face a more complex retirement provision landscape to navigate. This includes considering how much they need to contribute into their pension pot over their working life, and how to use that accumulated pension wealth to provide an income into old age. Retirement isn’t a one-size-fits-all journey, but having those conversations with friends, family, and seeking support from pension providers and professional advisers, can help mitigate any bumps in the road.”
“The Investment Association is committed to continuing our dialogue and work with government, regulators, and stakeholders to create a pensions system that’s fit for purpose and offers secure, prosperous futures for individuals across the country.”
