It certainly would have helped me. In my youth I was too busy working, climbing career ladders to think of my old age and pensions. In hindsight, I was very foolish; I did nothing and had no planned retirement strategy.
Now, as an employer, I find myself thinking how much less stress I would have had to deal with had Automatic Enrolment Workplace Pensions been introduced earlier.
I can clearly remember when I was 40 sitting at my dining room table going through various proposals and brochures from pension companies all eager to sign me up! With my trusty calculator I ran various scenarios of what my money might earn me taking all the tax advantages into account. At the end of this session and understanding the rules and regulations in effect at that time relating to pensions I decided to do nothing. As the years went on I started to worry about my old age particularly when I reached 50!
Since then the world has moved on and we all now appreciate that it is essential to save for retirement as you could have 20 years or more to enjoy it and although the State Pension is a foundation, you may want more to continue to experience the standard of living you have enjoyed throughout your working life.
The pensions landscape has changed, indeed, it had to change. The reality is everybody needs to proactively plan for their retirement and the sooner we can pass on that message to workers the better their chances will be to enjoy a good retirement. Automatic Enrolment into a Workplace Pension is a hassle free way to ensure you save into your retirement as your employer will do all the work.
Whatever age you are a Workplace Pension scheme is good for you – whether you're 25 or 55. The slogan “Workplace Pensions. We’re all in!” is gaining momentum, with over 5million people automatically enrolled since October 2012 and I believe these new regulations are the best things that have happened in this arena since the 1940s!
You are never too late to start! If you have friends who are worried about their retirement income or unaware of what the benefits of Workplace Pensions are share the link to the ‘We’re All In’ Hub we are running on 50connect now – you’ll be doing them a favour.
I wish this had been around when I was worrying about my retirement – it just makes sense.
For more information about the positive impact of pension reform visit our Workplace Pensions hub We're All In.Last modified: June 10, 2021