Secure Your Future: Pensions Awareness Week 2025
Pensions Awareness Week runs from September 15-19, 2025, with the mission of enhancing understanding about pensions and their role in securing financial well-being during retirement. This year, the campaign introduces an engaging ‘pensions challenge’ aimed at helping individuals take essential steps toward a more secure financial future.
What is Pensions Awareness Week?
Organized by Unbiased, the UK’s premier platform for financial advice, this campaign draws attention to the importance of pensions. A selection of financial advisers will be sharing their best tips to navigate through the six-step pensions challenge, guiding individuals on how to effectively manage their retirement savings.
The Six-Step Pensions Challenge: Your Guide to a Secure Retirement
Challenge 1: Discover Your Pension Pot
Lily Megson-Harvey, Policy Director at My Pension Expert, emphasizes that the first step to taking charge of your retirement is knowing your pension balance. “It’s quicker and simpler than most think,” she states. “Understanding your current situation empowers you to plan effectively.” Even if the figure is lower than anticipated, awareness allows for proactive financial adjustments.
Luis Villar, a wealth management partner at True Potential Wealth Management, suggests starting by logging into your pension provider’s online portal to assess current balances and contributions.
Challenge 2: Locate Forgotten or Old Pensions
Kriss Brining, an independent financial planner from PenLife Associates, highlights the importance of tracking down old pensions: “Each pension contributes to your financial future.” By reconnecting with forgotten accounts, you can make informed decisions that align with your retirement goals.
Matt Pike, a financial adviser at Opal Financial Planning, recommends utilizing the government’s free Pension Tracing Service to recover old pension details, encouraging everyone to leave no stone unturned in their financial quest.
Challenge 3: Take Stock of Your Investments
Sam Hulson, Managing Partner at First Equitable, stresses evaluating the varying investments across multiple pensions. Different risks and performances can impact your retirement strategy. An independent adviser can assist in understanding fund performance and ensuring your portfolio aligns with your retirement aspirations.
Gerry Davies, an independent financial adviser at Balance Financial Planning, suggests checking if your workplace pensions apply ‘lifestyling’—a shift from higher-risk to lower-risk investments as retirement approaches. This is critical for ensuring your money can sustain long-term growth.
Challenge 4: Determine Your Money Needs for Retirement
James Wadsworth, a chartered financial planner at PenLife Associates, notes that knowing how much you’ll require in retirement is essential for achieving financial freedom. Begin by envisioning your desired lifestyle and estimating associated costs.
“Many underestimate their needs, leading to future shortfalls,” warns Samuel Mather-Holgate, managing director at Mather and Murray Financial. Consulting an adviser can turn rough estimates into actionable plans that maximize pension benefits.
Challenge 5: Evaluate Your Financial Sufficiency
Jordan Gillies, Head of Business Development at Saltus, advises determining your desired retirement lifestyle versus the projected costs of living, travel, and health care. Utilize resources like Pensions UK’s Retirement Living Standards to better understand your needs.
“Consider a financial adviser’s detailed cash flow plan to anticipate how income and expenses might evolve,” adds Paul Bartlett, Senior Adviser at Piccadilly Wealth Management.
Challenge 6: Update Your Beneficiary Information
Sean Irwin, an independent financial adviser at Clarity Wealth Management, explains that completing a beneficiary form, or expression of wishes form, is crucial. This document specifies who benefits from your pension after your passing and is vital for ensuring your desires are respected.
Jeannie Boyle, a director at EQ Investors, encourages everyone to update this form regularly, especially after major life changes, ensuring your hard-earned savings go to the right individuals.
Conclusion: A Step Toward Financial Security
Karen Barrett, founder of Unbiased, comments on the significance of Pensions Awareness Week, “It’s a vital initiative reminding people of their responsibility to build pensions for a secure retirement.”
Recent studies reveal that 75% of working individuals are unaware of their pension’s estimated value, and 26% have no idea how much they will need annually in retirement. Participating in the pensions challenge is a proactive step toward financial clarity.
If you’re uncertain about your next steps, seeking guidance from a professional financial adviser can provide valuable insights and structure.
About Unbiased
Unbiased connects individuals with trusted advisers in various financial sectors, including pensions and retirement planning. Since its inception in 2009, it has facilitated over $100 billion in asset management opportunities, making it the leading source for client demand in the financial advice industry.
For more information, visit unbiased.co.uk.
By following these steps, you can enhance your financial preparedness and make informed decisions that will positively impact your retirement years. Remember, the sooner you start, the better your chances of achieving the financial stability you desire.
