Pensions UK and the Association of British Insurers (ABI) have today (5 September) launched the fourth edition of their ‘Pay Your Pension Some Attention’ campaign.
The campaign, co-ordinated by the two industry bodies, is financially supported by several industry providers and aims to encourage individuals to connect with their pensions.
This year's campaign features TV presenter Ross Kemp and "pension trainer" Bola Sol starring in a fitness advert. The advert encourages UK savers to "strengthen their pension" and to "gain pounds" for their future retirement.
A survey commissioned by the Pension Attention campaign, conducted by OnePoll last month, showed that out of a survey of 2,000 UK adults aged 18 and over, nearly two-fifths (37%) of UK adults have adopted a healthier lifestyle, including changing their diet over the last 12 months, while one in three have established a new health or fitness target.
Yet, the survey also found that only 29% had organised their finances to prepare them for later life – noting that, on average, adults checked their fitness programmes and were more than twice as likely to track the daily number of steps and how many hours of sleep they have had instead of checking the amount of money they have saved in their pension.
This year's campaign calls on savers to take action to engage with their pensions and retirement plans and urges them to stretch their mind back to any past employers or pensions they may have, check their form by logging into their pension accounts and see how much they have saved and work out how much they could need for the future.
The campaign has urged the industry to "get in shape" and to work with employers to promote the "pension fitness plan" among their employees to get them ready for retirement.
Pension Attention campaign spokesperson Mark Smith said: "By teaming up with Ross Kemp and Bola Sol, we want to encourage the nation to focus on their pension saving just as much as they focus on their health and fitness goals.
"Our research shows many people aged 35-55 are eating well and staying active for the sake of their future selves, but few have taken steps to plan financially for later life. We hope that by aligning physical and financial fitness, we can engage those who may not have ever thought about their pensions before.
"As an industry, we have an important role to play in helping UK adults understand their pensions. By coming together – under a single umbrella – with a simple, bold and memorable campaign, we can build on the successes of the past three years and increase saver engagement in pensions."
Kemp commented: "A lot of us care about getting fit for the future – that's why we hit the gym, eat better, and try to sleep more. But your pension is part of that too. With an easy three-step training plan, you could strengthen your pension and gain some serious pounds. Do your future self a favour and pay your pension some attention."
Sol said: "Planning for retirement is a lot like getting fit: you can get the best results by starting early and sticking with it. Although people are enrolled in a workplace pension scheme, many lose track of old pots and don't pay into them regularly. If you do one thing today, take some time to track down any pensions you may have paid into in previous jobs."
Pensions minister Torsten Bell added: "Most people check their fitness apps more than their pension balance, but both are important for a healthy future.
"We're ramping up the pace of our pension reforms to make saving easier and ensure you get the most from every pound you've saved. In the meantime, I encourage everyone to take a few minutes out of their day to check their pension and plan for their retirement."
