Pace of Pensions

Another week, another pensions reform announcement……the pace of change feels relentless currently. One thing is for sure……pensions really are looking sexy at the moment. To be fair, they always did but too many judged their beauty by how they looked rather than getting to know their personality. Beauty is more than skin deep.

 

For once, the detail of the recent announcements wasn’t important (even to pension geeks like me). Instead, what was significant was the packaging of the announcement and the reactions it provoked. Putting the subject of saving for retirement on the front page of newspapers and at the front of TV news stories can only do good.

 

This really isn’t about whether pensions are a good thing or not……it is about encouraging people to save for retirement. We have more than one generation that simply isn’t saving for their retirement and it is a slow burning time bomb unless it is addressed.

 

Positive news about the freedom and flexibility of pensions will help to change attitudes. But this is not a ‘one and done’ exercise, there must be a concentrated effort from W1 to change the culture of the non-saving under 40s.

 

Let’s hope this continues to be at the forefront of General Election campaigns to defuse the ticking time bomb.

 

It’s a start.