Free pension health checks' could aid UK savers' retirement plans
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Free pension health checks' could aid UK savers' retirement plans
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"Pension savers should be offered free "health checks" to avert a potential retirement under-savings crisis, a leading think tank has urged. The Social Market Foundation (SMF), alongside savings and investment firm M&G, proposes integrating these checks directly into upcoming pensions dashboards. This would allow individuals, when viewing their pension information, to access a free, personalised guidance session. Plans are already in motion for pensions dashboards, designed to consolidate all an individual's pension pots into a single view, offering a clearer overview of their total retirement savings. This is crucial as many people accumulate multiple pots from various jobs, making their overall value difficult to track. However, the SMF argues that dashboards alone will not resolve the widespread low levels of pension engagement and understanding. The think tank warns that the dashboards' potential could be wasted if savers who are off track for their desired retirement lack the confidence or knowledge to take action to improve their financial outlook."
The Independent emphasizes on-the-ground journalism across issues including reproductive rights, climate change and Big Tech and seeks donations to fund reporters while keeping content free of paywalls. The outlet highlights investigations and documentaries that aim to clarify facts and present both sides. The Social Market Foundation (SMF) and M&G recommend embedding free personalised pension "health checks" into upcoming pensions dashboards to provide tailored guidance when savers view their pensions. Pensions dashboards will consolidate multiple pension pots into a single view, but the SMF warns that dashboards alone may fail if savers lack confidence or knowledge to act to improve retirement outcomes.
Read at www.independent.co.uk
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