SMF Conference

We know many people aren’t saving enough for retirement, it’s well documented and something we must face up to. We believe part of this is because society has an outdated view of retirement and our research found 58% of people believe the way retirement is written, talked about or portrayed is uninspiring. We think it’s time to change this and help people see retirement as a positive period of their lives and something to save for.

That’s why, at the recent Social Market Foundation (SMF) Pensions Conference, we we’re delighted to discuss the idea of regular ‘Pension Check-Ups’ to support people with their savings journey throughout their lives .

Our research has found that only 18% of women and 29% of men feel confident about their finances at retirement, underlying the need for action. A Pension Check-Up is a practical intervention that can help people take action, whether it’s reviewing contribution rates, consolidating pension pots, or understanding what their savings might be worth in the future. By making this a routine part of life, we can help everyone feel more confident about their financial future.

Our panel discussion, hosted by Jamie Gollings from the SMF, centred around how a pensions health check could increase public engagement and ensure people can retire well. The key points covered by our Head of Strategy and Change at M&G’s Life Investment Office, Matthew McNally and the panel:

Preventative approach: Giving people the opportunity to “right things before they go wrong” and avoid saving too little, too late.
Simplicity and timing: For check-ups to be effective, they must be simple, easy to use, and provided at key life moments - starting a job, buying a home, getting married, or planning for retirement.
Personalisation: The ambition is for pension health checks to be personalised, offering targeted, actionable information that makes a real difference.

SMF conference panel discussion

Matthew McNally said, “We’re not saving enough for retirement, partly because outdated narratives make it seem uninspiring, but it should be a positive, active, empowering time. That’s why we’re advocating for a pension health check initiative, giving people practical, timely advice to help them take control of their financial future.”

SMF conference panel discussion

The Conference ended with Torsten Bell, Minister for Pensions laying out the challenge , including persistently low savings rates – especially among the self-employed – and the need to achieve greater scale in the defined contribution space to enhance investment in the UK and boost returns for savers.By challenging outdated perceptions of retirement and introducing regular Pension check-ups we believe we can encourage more people to feel confident about their pension choices.

Reframing retirement

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