What is pension awareness week !

Pension Awareness Week for 2025, runs from the 15th to 19th September 2025.

It is a national campaign designed to boost understanding of pensions and encourage people to take control of their retirement planning.

It has been running for several years now, with the aim of getting employee’s, employer’s and pension providers becoming actively engaged with their pension savings.

A subject many of use, fail to neglect during out working lives, and only seem to take an interest in the later years. A period when we may be nearing the age whereby we are considering retiring.

So what can individual’s do !

Recent surveys shows many employees aren’t saving enough for retirement, and may not realise it until it’s too late. Most people are now automatically enrolled with a workplace DC pension through the introduction of Auto Enrolement (introduced in 2012).

• So a member pay contribute 4%,
• employer will pay 3%
• and the government will add 1% as tax-relief. So ideally a minimum amount of 8%.
• Some schemes will pay more to attract staff, but this is the lowest amount.

However through we should be saving a lot more if we want to achieve a better standard of living in retirement about the state pension amount due. Which is currently £ 230.25 per week at age 66, although this will be increased to age 67 in 2028, and to age 68 in future.

• A member could review their level of investments. Are you in the same funds that you have been for many years. Has your attitude to risk changed as you get older ?
• You may wish to review where their investments are held (most people are put into default or lifestyle funds), very few people pick and manage their own investments.
• You could consolidate and simplify numerous old workplace pensions. In the past, people had so called jobs for life, now people move jobs every few years. Which results in members having numerous pension across several different providers.
• If that is the case, are you paying lots of fees across numerous schemes.
• It may be a good time to look at illustrations or assumptions, of what your future pot value may be when you may need to access. Say, at a specific date or age in future. Are you on track to reach a comfortable retirement ?
• Could you increase your level of contributions, you can increase the amount you save through the AA (currently £ 60,000 per annum). Can you afford to pay more into a scheme, and will your employer give you free money as a top-up ?
• Do you have any missing pensions that you can no longer find or track ?
• Do you have any old pensions that have special features, such as a guaranteed annuity rate (GAR) if you stay with that provider. Or could be in a w/profits policy that pay an annual bonus until maturity.

So what if anything, should employer’s be doing to help !

• Using the free resources available on the https://pensionawarenessday.com/ website.
• This year they have included a pension challenge which encourages individuals to:
• Check the value of their current pension
• Work out how much you have already saved for in your pension pot.
• How it is possible track down your pensions, i.e somebody could use the free tool such as the https://www.pensiontracingservice.com
• Consider how much income you may need in retirement ?
• Checking in with their provider to see what they have planned – some larger employers may offer webinars or resources you can share with employees.

On the Pensions Awareness website: https://pensionawarenessday.com/, they have got some specific events and webinars to help you. Over the 3 days being Monday 15th to Wednesday 17th September. Which covers certain topics each day, broken into bite-sized chunks to help you.

They last around 1 hour, so you don’t have to overload yourself all at once. You should be able to refer to them at a later date, if required.

You may not want to listen to all topics, you may be looking for key specific information at this time, on a specific subject.

So ideally, Pension Awareness Week is a great chance for employers to shine a light on pension saving and prompt action. This is enhanced with the added benefit of national media activity boosting their message.

It’s an annual event run by people that call themselves “Pension Geeks”.

In the past I did partake in a session offering the public some basic essential advice, through answering specific telephone questions to members of the people that contact them. But their format has changed in recent years.

Personally, anything that can be introduced to help people understand how pensions work. Should be greatly encouraged by the pensions industry.

As speaking to clients during my daily job as a pension wise guider offering Pension Wise appointments. It ceases to surprise me the complete inertia most people have about how they access a Defined Contribution (DC) from age 55 onwards. As they don’t understand how pensions work, or how do you buy a produce at retirement such as an Annuity of flexibly via drawdown (FAD) or series of lump sums (UFPLS)

If you are thinking of accessing your pension you could have a free and impartial Pension Wise appointment. Which lasts for 1 hour, covering how pensions work, your options, tax implications and the state pension. See the https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise for greater information.

So make a decision that now is the time to get actively involved with your pensions. It may be one of the best financial decisions you ever make. It will reward you massively in the later years.

Remember:

If you liked this blog post, then check out my other posts on savings, pensions, investing and investment books that I recommend on https://monyeminted.co.uk. So you can improve your investing and finance knowledge to reach your financial goals and dreams.

It’s not a get rich quick journey, but you will get their in the end if you create a plan and think long term !