Prospect pensions officer Stewart Mott looks ahead to the events that Prospect will be holding to mark Pensions Awareness Day later this month and explains why, even though your retirement might seem far off, it is still important that you start engaging with your pension now.

It’s easy to neglect our pensions, we save for retirement over many years, and often don’t have a reason to engage with our pension unless we are moving to a new employer.

Pension Awareness Day on September 15 is an initiative to draw attention to our pensions and promote engagement.

It is now an established event, where over the course of one week, the UK pensions industry comes together to help the public understand pensions and how to achieve the retirement they want.

For most employees, pension contributions are deducted automatically from our monthly pay and they really don’t need any further input or administration. It just takes care of itself.

Are you on track?

So, why is it important to engage with our pension?

We save for retirement to provide an income when we need to stop working later in life. If you don’t engage with your pension, you may save too little and be faced with delaying retirement or not enjoying the standard of living that you wanted in retirement.

To know if you are on track to meet your retirement goals, you must first understand the amount of income you need in retirement, and how much you will need to save to meet this goal.

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