Pensions - Articles - BlackRock comments on Pensions Awareness Day

Commenting on Pensions Awareness Day today, Tuesday 15 September, Alex Cave, Managing Director, Head of UK Defined Contribution, BlackRock, said:

 “Our recent survey of 1,000 DC members has shown that people are not confident they will achieve the kind of lifestyle they hope for with over half believing they will be unable to save enough to meet their retirement goals. The COVID-19 crisis has undoubtedly added more pressure with over three quarters of those surveyed, now thinking more carefully about their financial future than they did before.

 “In a time of great uncertainty, Pensions Awareness Day serves as a reminder to us all to take a pause and another look at our long-term finances and assess how prepared we are for the day when we eventually retire. Every person aged over 65 in the survey did not feel they are on track with their retirement savings, because they started to save too late. And this is where employers come in, almost 80% of people trust their employer to make good decisions about how their pension is invested, therefore they play a hugely important role in helping people into the habit of saving. Matching contributions by employers for example, is seen as an effective way to incentivise people to save into their pension.”

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