[SPONSORED CONTENT]
What is Pension Engagement Season?
Pension Engagement Season is an annual initiative led by the Association of British Insurers (ABI). It aims to encourage people to pay their pension some attention and take positive steps towards their financial future.
Why does Pension Engagement Season matter?
Every workplace is made up of different kinds of people. From the savvy savers to those just starting out, everyone has different habits, priorities, and approaches to life. But whoever makes up the workforce, everyone wants to look forward to a good retirement.
Yet insights from Standard Life’s Retirement Voice 2025 report show that many people aren’t planning ahead. Across the generations, almost a third (29%) of people have done no planning around how much money they’ll need to live on in retirement. For younger savers, planning slips further down the priority list, with 37% of Gen Zers saying they haven’t done any.
The good news is, taking small steps can help people build a better understanding of their financial future. Our findings reveal that those who do even a little planning are more likely to feel positive about life in five years’ time than those who do nothing (46% vs. 36%).
Three small steps members can take today
Whatever members want from life, everyone can benefit from taking small steps towards a better financial future. Here are three actions they could take today:
- Check pension savings
A good place for members to start is to get an idea of what their retirement income could really look like. And that means encouraging them to see how much money they’ve got in their pension pot. With a solid understanding of how much pension savings they have today, they can better plan for tomorrow.Standard Life workplace pension scheme members can easily check in with their pension by downloading our mobile app. - Find lost pensions
If members have had a few jobs, they probably have a few pensions – which can easily get lost or forgotten about. So searching for any previous pension pots could be time well spent.
Members can track down any old pensions by using the Government’s Pension Tracing Service. To get started, all they need to do is enter the name of their previous employer or pension provider. Standard Life workplace pension scheme members can also get direct access to this service through our mobile app. - Get a glimpse of the future
What income will members need to enjoy the lifestyle they want in retirement?
According to Standard Life’s latest Retirement Voice report, one in five (21%) retirees say they wished they’d planned for their retirement more thoroughly. So it’s important 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 adjustments to achieve the retirement they want.
More ways to promote pension engagement
Different members engage with their pension in different ways. But before they can plan ahead, it’s important they know how much they’ve got saved and where. In our next article, we’ll take a closer look at why finding old or lost pensions matters.
In the meantime, visit our Pension Engagement Season hub for further support and to download our campaign materials.
To read more articles from Standard Life, visit the content hub on Corporate Adviser – here.
____________________________________________________________________
Remember, a pension plan is an investment. Its value can go down as well as up and could be worth less than what was paid in
Phoenix Life Limited, trading as Standard Life, is registered in England and Wales (1016269) at 10 Brindleyplace, Birmingham, B1 2JB.
Phoenix Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
