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Encouraging members to pay their pension some attention can go a long way to helping them invest in their future selves. As we approach Pension Engagement Season, now’s a great time for your clients to help members take charge of their pension positivity. Here are three simple steps members can take today:
1. See what they’ve got in their pension pot
Do members know what income they can expect in retirement?
We know from our Retirement Voice 2023 report that just 37% of people think they’re saving enough for a comfortable retirement.
So it’s a good idea for members to understand what their retirement income could really look like. Your clients can help by encouraging members to see how much they’ve got in their pension pot. With a solid understanding of how much in pension savings they have today, they can better plan for tomorrow.
If your clients are with Standard Life for their workplace pension scheme, their members can easily check how much they’ve got in our mobile app. All it takes is a tap.
2. Find out if they have lost any old pension plans
Are members sure they know where all their pension savings are?
In 2022, the number of misplaced pension pots reached 2.8 million. That’s the equivalent of £26.6 billion in lost pension savings, according to research by the Pensions Policy Institute (PPI).
It’s likely that some members’ pensions savings are floating around without a home. Particularly those who’ve had a few jobs, and therefore a few different pension plans. So searching for any lost pension pots could be time well spent.
Standard Life pension scheme members can use our Pension Tracing Finder tool, available through our mobile app, to rescue any lost pension plans. All they need to do is enter the name of their employer or pension provider to get started.
Plus, they can use the app to easily bring all their pensions together into their Standard Life plan. With everything in one place, this could make it easier for them to manage.
This won’t be right for everyone, though. Members could lose money by giving up any guarantees or benefits they might get from other pension plans, so it’s important that they check this first.
3. Picture their ideal future and how much money they’ll need
What income will members need to enjoy the lifestyle they want in retirement?
According to our Retirement Voice 2023 report, more than half (55%) of people are worried their pension pot won’t last their full retirement lifetime. So it’s important for your clients to help members picture what their ideal retirement could look like, and how much they’d need to make it happen.
Our Retirement Income Tool, available through our app, can help members see how their retirement lifestyle is shaping up. This can reveal if they’re on the right path or need to make some changes to achieve the retirement they want.
More ways to promote pension positivity
We have loads of resources that can help your clients promote pension positivity across their workforce, including our Ready to Go campaigns and interactive calendar. Visit our Pension Engagement Season hub to find out more.