In an attempt to promote the benefits of saving for retirement, the Department for Work & Pensions has partnered with Gogglebox to produce specific adverts to be communicated in a more relatable way.
The stars of the popular show discuss their own pension savings as well as reviewing a previous DWP advert. Along with advertising on social media platforms such as Facebook, Twitter and others, this would seem to be an attempt to access a much younger and much wider audience.
As the average retiree is unlikely to receive an income that meets their expenditure in retirement, and as many people do not have a private pension at all, there is a pensions crisis potentially on the horizon.
DWP’s new strategy, whilst not the slickest or upbeat (it is about pensions after all), is a step in the right direction, because to get youngsters investing early means they will be able to have a more comfortable and enjoyable retirement. Whilst this may not seem important to the 18–30-year-olds, it is vital that they start thinking about these things now to make sure they do not have a huge retirement deficit.
You may or may not know that for a non-taxpayer, e.g. a child or person who is not earning an income, you can put £2,880 into a pension and the government will add tax relief to this to make it up to £3,600. Of course, you can put more into the pension up to the annual allowance but you won’t receive any government tax relief.
So, if you want to help your children or grandchildren to get started with their retirement savings, we can help. If you are an existing client their account can sit alongside your own, meaning it is simpler and more efficient to manage.
Redwood is one of the Souths’ leading Pensions, Investments, Wills, Trusts & Estate Planning providers and we are dedicated to helping families to grow, protect and enjoy their wealth. With our unrivalled knowledge of Estate Planning and Probate, we can advise on any situation. Join us at one of our Free Public Information Seminars: Book online Book Me A Place!, Call us on 01489877 547 or Email info@redwoodfinancial.co.uk to book a FREE Initial Meeting with us to review your financial planning needs.
