TV star Ross Kemp is urging the public to focus on their retirement savings through a fresh initiative. The acclaimed actor and broadcaster is participating in an exercise routine for the Pay Your Pension Some Attention campaign, which aims to motivate people to ‘gain pounds’ for their golden years.
Ross, famous for his portrayal of Grant Mitchell in EastEnders, as well as for creating powerful documentaries and presenting quiz programme Bridge Of Lies, said: “A lot of us care about getting fit for the future – that’s why we hit the gym, eat better and try to sleep more.
“But your pension is part of that too. With an easy three-step training plan, you could strengthen your pension and gain some serious pounds. Do your future self a favour and pay your pension some attention.”
Studies conducted for the initiative revealed that almost one-fifth (19%) of people prioritise physical fitness and wellbeing over putting money aside for retirement. Over the past 12 months, 37% of people have made a healthy lifestyle change, such as altering their diet or improving their sleep, but only 29% have organised their finances for later life, according to the survey.
The findings suggested that British adults generally monitor their fitness achievements more frequently than they review their pension funds. Pension Attention is an industry-led campaign coordinated by the Association of British Insurers (ABI) and Pensions UK.
Financial coach Bola Sol, who is also backing the campaign, said: “Planning for retirement is a lot like getting fit, you can get the best results by starting early and sticking with it. Although many people are enrolled in a workplace pension scheme, some lose track of old pots and don’t pay into them regularly.
“If you do one thing today, take some time to track down any pensions you may have paid into in previous jobs.” Meanwhile, Helen Mitchell, spokeswoman for the Pension Attention campaign added: “While most working people in the UK have at least one pension, many don’t know much about them, and some have even lost track of them completely.
“We’re asking all UK adults to check where their pensions are, what they have saved, and how much they might need for retirement.” People can trace old pensions by digging out paperwork, contacting previous employers or using the Pension Tracing Service.
Pensions minister Torsten Bell also explained: “Most people check their fitness apps more than their pension balance, but both are important for a healthy future. We’re ramping up the pace of our pension reforms to make saving easier and ensure you get the most from every pound you’ve saved.
“In the meantime, I encourage everyone to take a few minutes out of their day to check their pension and plan for their retirement.” Pension Attention commissioned OnePoll to question 2,000 people across the UK in August.
The campaign is backed by Aviva, Fidelity, Legal & General, NatWest Cushon, Nest, Pru, People’s Pension, Royal London, Scottish Widows, Standard Life, and Vanguard.
David Meliveo, chief commercial officer of People’s Partnership, provider of the People’s Pension, said: “With over 11 million people now saving into workplace pensions through automatic-enrolment, it’s more important than ever that savers engage to strengthen their pensions – understanding what they’ve got, where it is and how it can shape their future retirement.”
Similarly, Simon Ellis, director of workplace pensions at Aviva, also added: “Pension freedoms gave people more choice – but with choice comes responsibility. Less than half of mid-retirees feel confident their private pension will last a lifetime.
“It’s not just about how much you save but how well you understand and manage it. Paying your pension some attention now – knowing what you’ve got, how it’s working for you, and whether you’re on track – can make all the difference later.”
