Today, the ABI & PLSA have launched their #PensionAttention campaign, encouraging Brits to locate, understand, and engage with their pension. This kicks off the pension engagement season, including Pension Awareness Day on September 15th.
Mark Futcher, Head of DC at Barnett Waddingham, comments: “At a time when the cost-of-living crisis has left many families fighting to keep afloat financially, day to day budgeting is sure to be in the spotlight. This year’s pension engagement season provides a timely reminder that longer term planning is essential to our financial wellbeing too. Upping pension contributions may not be realistic during periods of financial hardship, but everyone should certainly take the time to find their pension pot and get to know what they have saved for the future.
“It’s also important that employers do their bit to help employees keep their heads above water. At a basic level this means providing stronger financial guidance for employees and encouraging them to think twice before making knee-jerk decisions with their finances. Better still would be to help valued employees shoulder the financial burden by upping employer contributions to workplace schemes and even considering continuing to pay employee contributions if an individual needs to pause contributions temporarily.”
