Pension Awareness Week 2023

It is another exciting week in the world of payroll and pensions!

This week is the 10th year of Pension Awareness Week.

Every September, Pension Awareness Week helps to raise awareness of the importance of pensions and improve the financial wellbeing of people across the UK in their retirement.

Please see below for some useful pension information;

Auto Enrolment

Pensions have become a big part of Payroll since Auto Enrolment in 2012.

Under Auto Enrolment UK Employers are legally required to set up a Work Place Pension and put all qualifying employees into the scheme and contribute to their pension savings.

A qualifying employee is anyone over 22, under retirement age and earning more than £10,00 per year.

The Government introduced auto enrolment to help more people save for their retirement. Since then around 10 million people have been auto enrolled and are saving for their retirement with their Employer’s help.

Where are my pension pots?

There are 2.8 million unclaimed / lost pension pots - this is an increase of 75% over the past four years.

Gov Uk will be rolling out a Pension Dashboard this will enable us all to access information about all our pensions on one site. Unfortunately the rolling out of this has been delayed until 2026.

Meanwhile if you think you have any lost pension pots you can call the Pension Tracing Service 0800 731 0193 or follow gov.uk/find-pension

When can I retire ?

The default retirement age of 65 no longer exists - you can check your state pension age and state pension forecast on Gov.uk/check-state-pension 

For further information please click here.