You might be asking yourself: ‘why one million’? Well, we have good reason for such an ambitious target.
We are aiming to reach one million more people, across the UK, to get more engaged with their pensions through advice. Advice can offer a range of benefits to people, some you may not even expect. Yes, it could help with the value of your pension pot, but there is so much more.
Putting your future first
Advice is a tool for empowerment. It allows you to take control over your finances. Something like a pension that too often goes dismissed running in the background, can become something you can take control of and make it work for you.
Advice also offers an opportunity for people to explore the range of options and financial tools available to them which, in turn, could lead to better financial outcomes. Exploring these options with an independent financial adviser also grants you with the rare opportunity to learn about finances, with you at the heart of it.
If we can get one million more people accessing advice, the benefits across the country could truly shape how we all engage with our savings now, and in the future. It aims to raise awareness of how important engaging with your pension can be as well as the largescale benefits it offers ranging from your pot, to shaping the wider economy.
It’s a chance to change the way society perceives pensions.
Provide reassurance when navigating retirement decision
Our research has shown that those approaching retirement could receive a £17,640 boost to their pension by seeking financial advice.
This would mean that if one million more working people sought advice on their pension, together, we could work to secure an accumulated £17.6billion boost to pensions across the country.
Securing a collective £17.6 billion payday wouldn’t just be a glorious boost for you. It would also benefit the economy, raise awareness of the importance of accessible advice and drive down pension poverty figures.
Whether it provides you with a worry-free warm home, or a cruise around the world, now is a good time to consider engaging with your pension planning. Our hopes are high, but our determination to help savers is even higher.
Everything is outlined and discussed in our One Million More manifesto, which you can read here.