Can your pension plan attract and retain your employees?

With labour market conditions tight, employers are leaving no stone unturned in their pursuit of an attractive Employee Value Proposition (EVP) and are increasingly looking at how their pensions offer can help them in their pursuit of talent.

The Pension Attention Campaign – pay your pension some attention!

More than half of us struggle to even find our pension information, let alone understand it or do anything with it – now, the Pension Attention Campaign is aiming to fix that.

Coordinated by the Association of British Insurers (ABI) and the Pensions and Lifetime Savings Association (PLSA) – and  comprising a broad range of pensions and financial services firms – the Campaign will help people understand where their money is and take the simple steps needed to keep track of it.

The aim is not to increase the amount people are saving per se, but to ensure they know who their pension providers are, where they can go for trusted advice and guidance, and how they can best protect themselves from scams.

The Campaign will be offering free, tailored and impartial advice for those who want it, as well as a plethora of educational materials. The highlight will be Pensions Awareness Week, which will  promote better understanding of a range of pensions issues, from how women can better plan for their retirement, to pensions credit and how to go about finding long lost pensions pots.

What does pensions awareness mean for employers?

The Campaign is directed at employees, but it will clearly benefit employers.

Over the past few years we have seen growing skills and labour market shortages across the economy that it could take decades to bridge.

Something employers can usefully do to mitigate those skills gaps is look again at pension provision and awareness of pensions amongst employees. Given the number of older workers in particular who have left the labour market – and the number now reportedly considering a return - a better pension offer could put your business ahead.

An increased focus on pensions, and awareness of retirement savings (and the magic of compound returns) will also build financial resilience in younger staff. Recent analysis by the Pensions Policy Institute (PPI) and B&CE found that 54% of households are not saving enough to maintain their current living standard in retirement. If this trend continues in the years to come, employers could start to see concerns about retirement feeding into deteriorating wellbeing and productivity.

Want to learn more about pensions awareness?

Learn more about Pensions Awareness Week, and why not book a live webinar hosted Awareness Week?

You can also receive news, alerts and info about the #PensionAttention campaign ahead of the launch in September 2022. Or, get in touch to become a Campaign Sponsor