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Encouraging members to pay their pension some attention can go a long way to helping them feel financially fit for the future. This Pension Engagement Season, it’s a great time to help members strengthen their pension. Here are three easy steps they can take today, says Gail Izat, workplace managing director, Standard Life UK.
A three-step financial fitness plan for members
1. Get ready to check what they’ve got
Do members know what income they can expect in retirement?
We know from our Retirement Voice 2024 research that more than half (51%) of UK adults are worried they’re not saving enough for their financial future.
So, 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 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.
If your clients are with Standard Life for their workplace pension scheme, members can easily check how much they’ve got in our mobile app.
2. Stretch their mind back to any previous pensions
Are members sure they know where all their pension savings are?
In 2024, the number of misplaced pension pots reached 3.3 million. That’s the equivalent of £31.1 billion in lost pension savings, according to research by the Pensions Policy Institute (PPI).
It’s likely that some members have forgotten about previous pensions savings. Particularly those who’ve had a few jobs, and therefore a few different pension plans. So searching for all previous pension pots could be time well spent.
Members can track down any old pensions by using the Government’s Pension Tracing Service. Or, if your clients are with Standard Life for their workplace pension scheme, members can use our Pension Tracing Finder tool. Available through our mobile app, all members need to do is enter the name of their previous 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. Work out how much they need for their future
What income will members need to enjoy the lifestyle they want in retirement?
According to our Retirement Voice 2024 research, almost half (47%) of people are worried their pension pot won’t last their full retirement lifetime. So it’s important to help members work out 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 financial fitness
We have loads of resources that can help your clients promote financial fitness across their workforce, including our Ready to Go campaigns and interactive calendar. Visit our Pension Engagement Season hub to find out more.
The information here is based on our understanding in September 2025.
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.
Standard Life accepts no responsibility for information on external websites. These are provided for general information.
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