Big Zuu, known for his work as a grime artist and as a TV chef, is at the forefront of a new campaign launched by the pensions industry to encourage people to pay attention to their later life savings.
According to those who are behind the effort, although 80 percent of workers in the UK have access to some sort of workplace pension plan, many of those workers report that they are unsure how to locate information regarding their retirement funds.
The Pension Attention campaign (Pensionattention.co.uk) encourages individuals to make certain that they are aware of the location of the money that they have set aside for their future and teaches them how they can keep track of it.
“Grime and pensions have never been mentioned in the same sentence before, and I’ll tell you that for free,” said Big Zuu, an advocate for the campaign. It could seem daunting, but everyone should give some thought to their pension right now because this is an important issue.
“I have friends who are putting off thinking about the future because they find it difficult to do so with everything that is happening right now. But putting in a little bit of effort now to understand pensions will pay off in a big way in the long run.
“Do not put undue strain on yourself by convincing yourself that you have to provide a greater sum of money; it is not about that. Discovering the location of your pensions is necessary in order to gain insight into your potential savings for the future. People won’t even be aware that they have money saved up for the future from an old work because it won’t be brought to their attention.
“Understanding your pension is not only fairly straightforward if you get the proper information and take the right actions, but it also benefits you at the end of the day,” the author says. That merits part of your attention because it is your money, and it will be used to take care of you in the future.
The Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) are the organizations responsible for coordinating the Pension Attention campaign, and a significant portion of the pensions industry has contributed to its funding. It is collaborating with National Pension Tracing Day as well as Pensions Awareness Week to carry out this project.
Sarah Cordey, who manages the campaigns for the Pension Attention campaign, said, “It’s extremely thrilling to have Big Zuu talking about how vital it is to pay some attention to your pension. When we get older, how we are going to pay for the rest of our life is a problem that concerns everyone; yet, we are aware that many individuals find pensions daunting or believe they are not relevant to them.
“In the current environment, it is more necessary than it has ever been for us to assist individuals in making challenging financial decisions so that they may do so from a position of knowledge and comprehension. This campaign is not about increasing contributions; rather, its focus is on raising the level of knowledge among savers and encouraging a positive attitude about their retirement plans.
“We want individuals to feel empowered to track down and keep an eye on their pensions, so they know how their money is piling up for their future,”
The following are some suggestions made throughout the campaign:
- Recognize the relevance of this.
Have you ever contributed to a pension for any of the jobs you’ve held in the past? You may figure out where your pots are by checking your payslips and looking for any previous pension statements you may have.
- Give some consideration to the goals you have set for the future.
Use the pension calculator on the website pensionattention.co.uk to get an idea of what sort of retirement income you might receive when you stop working.
- If you have any queries, you should feel free to ask them.
Your company, your pension provider, or the website moneyhelper.org.uk, which is a service that is both free and objective, can all supply you with a wealth of information that is easy to understand.
Caroline Siarkiewicz, chief executive officer of the Money and Monuments Service, stated, “Superannuation could last approximately as long as your time will be spent working, therefore it’s crucial that we keep an eye on our future selves and pay close attention to our pensions.”
If you aren’t sure how you feel about pensions, keep in mind that information is power. It may help you feel more at ease and in charge of your situation if you take a few simple actions, such as checking your pension account online, reading your pension statement, or speaking with your pension provider or a MoneyHelper pension consultant.
“In point of fact, the findings of our study indicate that more than half of the individuals who have given their pension some attention such as this feel that they are roughly on track for a reasonable income in retirement (60%) in contrast to the 29% of individuals who have not taken any action regarding their pension.
“Having a goal for the retirement you want might also motivate you to take action,” the author writes in the introduction to the book. According to the data we gathered, seventy-five percent of individuals who had taken action regarding their pensions had given considerable attention to what they wanted to achieve financially over the next half decade, whereas just 51 percent of those who had done nothing in this regard had done so.
“Now more than ever we need to help people engage with and understand their finances,” said Yvonne Braun, director of policy, long-term savings and protective measures at the ABI. “Big Zuu’s knack for attempting to cut through all the jargon will go a long way toward helping people think concerning their retirement accounts and take into account their plans for their future.”
Nigel Peaple, director of policy and advocacy at the PLSA, stated that “it is more critical than ever before that people have confidence in their employment pension and understand their savings.” This is due to the fact that people are now faced with difficult financial decisions.
“Pension Attention is about getting savers to connect – or reconnect – with their pension, to help them feel good about having one, and to show them how easy it is to keep track of it,” the authors write. “Pension Attention is about getting people to connect – or reconnect – with their pension.”