In this week's blog, Communications Director Johanna Nelson shares the importance of remembering the human nature of pensions:

When it comes to pension news, there’s something that pensions have in common with the pandemic. Nothing morbid, but something a bit more mundane - numbers.

The numbers used to reflect both pensions and Covid are mind-blowing. But the problem with pensions is that, as an industry, we’ve almost become a bit ‘numb’ to the figures in front of us.  

Pension assets in the UK alone are into the trillions. And for those involved in running pensions, a governance meeting may well be one of the few times when a mention of “millions” isn’t a mind-blowing amount.

If we’re all honest, it’s sometimes easy to forget the people behind those numbers. But in pensions, each number matters because it’s linked to an individual, their pension savings and retirement plans.

So does the news, that more than a million people aged between 55 and 64 want to delay their retirement because of the impacts of Covid represent an insignificant or staggering statistic?

It’s a headline figure that’s easy to glance at, whilst forgetting the human nature of it.  

Let’s make that figure human.

Think of the colleague, friend, family member or workmate that might be one of those individuals. Are those individuals feeling empowered by their decision to delay their retirement, or disheartened?

Has their decision to delay their retirement been reactive or rationally thought through with expert support? Have they explored all their options like pension freedoms or flexible working policies? Have they updated their pension provider(s) on their new target retirement age so their investment portfolios can align?

It’s okay to change retirement plans and often it makes sense. But it’s also good to get support with those changing plans, to make sure they’re rationally made and methodically worked through.

The pandemic is just one example of a life event that has a ‘knock-on’ effect on retirement plans. There are lots of other examples – divorce, health issues, becoming a grandparent, wanting to explore a life-long dream...

Employers and Trustees can provide access to our Aspire to Retire education and guidance service so that their employees and members are supported through their evolving pre-and-at retirement planning and decision-making.

Aspire to Retire offers a fully stocked online resource centre packed full of easy-to-understand information and helpful tools to reduce any ‘retirement anxiety’. Email campaigns ensure regular contact with employees along with action point birthday checklists and topical articles. And we also offer access to expert help and support throughout their pre-and-retirement journey.

Aspire to Retire

Source: How COVID rocked the pensions landscape - Raconteur

Posted by Johanna Nelson

Topics: Employee Benefits, Health & Protection

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