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Pension Awareness Day
With pension auto-enrolment forcing employees to confront the realities of pension savings, do we really need an annual pension awareness day? The answer to that seems to be a resounding yes from the pension sector including the Government’s own Pension Wise advice service which calls pension awareness Day on 15th September “the perfect time to assess your retirement income.”
The fact is that planning for retirement isn’t just a one-off exercise. As we move through life our finances, expectations, and priorities will change. Failing to review our pension savings in the light of those changes could lead to a financial shortfall in later life.
For example, a survey for pension awareness day by Fidelity International has revealed that 30% of individuals have delayed their expected retirement date by an average of two and a half years in order to boost their pension; whilst 18% have decided to save more into their pensions to make up for lost income during the pandemic. Fidelity investment director Maike Currie said "Pension Awareness Day is an opportunity to reflect on your retirement goals and how to achieve them, especially after a period of such immense uncertainty."
If you are looking for advice on pensions, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.