Eleanor Levy, Chief Commercial Officer at NOW: Pensions, comments on the launch of the Pension Attention campaign, coordinated by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA), now in its third year:
“They say the best time to start saving is yesterday, but the second best time is today. This is especially true when it comes to saving for retirement, which can often be pushed down the priority list in favour of more immediate financial considerations – even though saving earlier brings greater benefits.
“The Pension Attention Campaign is a valuable initiative to help people recognise the importance of their pension and to think more actively about saving for their retirement. As well as checking you are saving into a pension, and logging into your pension accounts to see how much you have, there are three simple actions that can help manage your retirement outcomes. Firstly – saving regularly, secondly, tracking down any lost pots and thirdly, consolidating any pensions you have built up so they don’t get left behind.
“While savers themselves need to take a more active interest in their pension preparedness, as an industry we must work closely with government, savers, and employers to ensure we have a pension system that benefits as many people as possible. We welcome the Government’s announcement of a part 2 to its pension review which will tackle the question of what adequate saving looks like. This will be essential for the development of a much needed roadmap on the future of Auto Enrolment, to better enable the pensions system as a whole to meet the needs of all future retirees, and also help people to understand the impact of their expenditure and saving trade-offs.”
