Scottish Widows and Pension Geeks, in association with The People’s Pension, have embarked upon a five-city savings awareness tour in conjunction with national Pension Awareness Day.
With one in five Britons still not saving anything for their retirement, and a significant gap persisting between expectation of retirement income and the reality of what people are actually saving,there is an urgent need for more hands-on support to help businesses and savers alike to understand how to better prepare for the future.
Robert Cochran, retirement expert at Scottish Widows, said: “Although the recent Scottish Widows Retirement Report tells us more people than ever are now saving adequately for retirement, it’s clear that many still don’t consider it a priority. But it’s an issue that affects every one of us – not in the distant future but in the here and now. Not having a plan is not an option, and by bringing retirement experts to cities across the country, we will help people to understand what “being prepared” means for them specifically.”
Jonathan Bland, director of Pension Geeks, said: “The pension landscape has undergone unprecedented change within the last 12 months and as an industry, it’s more important now than ever that we work together to make information more appealing, accessible and help educate not only those nearing retirement but also younger people on how what they have now can translate into what they will need then.”
Individuals and businesses across the country will be able to visit the pop-up interactive pension information centre in Edinburgh, Leeds, Manchester, Birmingham and London between 14 and 18 September. The bus will transport a team of experts to deliver a jam-packed schedule of talks and interactive sessions, including top tips on how to get planning for the future and one-to-one support for everyone, from those who have not yet started savinginto a pension to people already thinking about their options at retirement. Interactive tools on board the bus will help individuals to calculate how much they will need for a comfortable retirement, making sure that they are not falling short of their desired income. This is particularly important in light of the recent Scottish Widows Retirement Report, which uncovered an annual shortfall of almost £8,000 between what Britons would feel comfortable retiring on, and what they can actually expect based on what they are saving.
Pension Wise, the government’s free and impartial pension information service, will also be on hand to help explain more about the options for savers and retirees and share tools to help those approaching retirement navigate the new pensions freedoms. For employers, there will be masterclasses on getting to grips with auto-enrolment and providing the right support to employees, based on their individual needs.
The pension awareness bus will be at the following locations from 9am-5pm:
Monday 14 September: Castle Street, Edinburgh
Tuesday 15 September: Briggate, Leeds
Wednesday 16 September: Piccadilly Gardens, Manchester
Thursday 17 September: Rotunda Square, Birmingham
Friday 18 September: Westfield Shopping Centre, London