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The Actuary The magazine of the Institute & Faculty of Actuaries

Industry runs pop up pension roadshow to tackle retirement poverty

A nationwide campaign to raise pension awareness has been scheduled to take place this week to coincide with Pension Awareness Day.


A piggy bank © iStock
The country is not saving enough for retirement, according to Pension Geeks. © iStock

Pension Geeks, who organised the roadshow with Scottish Widows, said the campaign is designed to alert people that the country is not saving enough for the future. 

Also supported by Legal and General, the pop up pension information centre aims to offer free guidance on a bus to members of the public and businesses.

According to the Department for Work and Pensions, more than six million people have now been auto-enrolled into a workplace pension. However, citing figures from The Pensions Regulator, Pension Geeks said the average contribution from employers is just 3% a year of an employee's salary. 

“Such contribution levels are not enough to provide an adequate income in retirement and as such will leave many sleepwalking into retirement poverty,” it said.

Jonathan Bland, director of Pension Geeks, said: “The reality is many face not having enough in their pension pots to secure a decent income for the future.  

“Despite the introduction of auto-enrolment, which is great to get people saving, we just don’t pay enough attention to how much we are saving and whether that’s going to be enough.”

Robert Cochran, retirement expert at Scottish Widows, said: “More concerted effort is required across the industry to ensure we don’t lose the momentum gained in recent years.”

A team of experts will be on the bus to share their knowledge and top tips on saving adequately for the future.  

The government’s free guidance service Pension Wise will also be on hand to help explain more about the options for savers and retirees and to take bookings for more detailed appointments.

The pension awareness bus will be at the following locations from 10am-6pm, Monday - Friday and 10am – 5pm on Saturday:

Monday 12 September – Castle Street, Edinburgh

Tuesday 13 September – Rotunda Square, Birmingham

Wednesday 14 September – Briggate, Leeds

Thursday 15 September – Paradise Space, Liverpool ONE

Friday 16 September – Cabot Circus Broadmead, Bristol

Saturday 17 September – The Plaza Seafront, Brighton