The majority of UK adults don’t regularly check on their pensions and there are currently three million pension pots which have been forgotten by their owners – worth an average of almost £10,000, according to research for the campaign Pension Attention. Pension savings most commonly get lost when someone changes their address or name but doesn’t tell their pension provider from a previous job.
The latest research by the Pension Attention campaign said tracking down a missing pension or looking after the ones you have may only require sorting through some paperwork or logging into a portal. In the run up to Talk Money Week 2022, from November 7, the industry-wide Pension Attention campaign is urging people to start a conversation with a family member, friend or colleague.
Campaign manager for Pension Attention, Sarah Cordey, said: “As we edge closer to the end of the year, many of us may start to think about the mental, personal or fitness goals we wish we’d achieved. While it’s daunting to undertake a major new exercise regime or a whole programme of study, getting your future finances under control is much less painful.
"Most people know it’s an easier option, but it often slips down the to-do list while we’re all so busy with everything else.
“As Talk Money Week approaches, the first step to looking after your financial health could be simply making a verbal commitment – to a friend, colleague, or family member – that you’re going to spend some time sorting out your pension admin, and they should do the same. Then you’ll both be on track to end the year that little bit more ‘Pension Fit’ and have a head-start on 2023.”
The Pension Attention campaign partnered with UK grime artist and Bafta-winning TV cook Big Zuu to produce a one-of-a-kind music video and track encouraging people to pay attention to their pension. Big Zuu also returned to his school in Hammersmith to teach students about the importance of paying into a pension and learning about them from a young age.
Big Zuu said: “Thinking about the future can feel really hard and so far ahead that it’s easy to think it’s not important, but it is. Going back to my old school and working with the young people there really opened my eyes about how much more we need to do to communicate and connect the minds of the younger generations to pensions.
“It’s not something I ever thought about much when I was in school, but now that I’m older, I see what good things come from having those conversations and getting a bit of that early planning in now.”
