Pension Awareness 2023

Celebrate Pension Awareness with our list of top articles covering private and workplace pensions.

Frankie Dewar

10 September 2023

4 min read

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What is Pension Awareness?

Celebrating its 10th anniversary this year, Pension Awareness champions the importance of understanding and valuing pensions by:

Raising awareness: To raise both the importance and the advantages of saving into private and workplace pension plans.
Empowering savers: Everyone should be actively involved in understanding their pension. By engaging with your pension, you take a giant leap towards ensuring a comfortable retirement.
Engaging employers: Businesses play a crucial role in educating people about pensions. Pension Awareness encourages employers to increase their teams’ knowledge about pensions to highlight the lifelong benefits. For businesses this also helps bolster employee retention and foster a positive work environment.

We’ve collated some of our most popular pension articles and insights to help you understand more about pensions and their importance.

Pensions explained

Pensions 101: What, why & how? Understand the crucial aspects of pensions, why you need one, and how it works, so you can make informed decisions and be financially prepared for later life.

The Big Pensions FAQ. Learn about the importance of pensions, the tax benefits, how to manage contributions efficiently and much more.

Pensions Glossary. A must-read for anyone looking to get a better grasp on pensions, our easy-to-understand guide on pension-related terms, from annuity and auto-enrolment to tax relief and workplace pensions.

Pensions for savers

Do I need a private pension? We demystify private pensions, clarifying the workings, benefits, and things you should consider, plus how Penfold can help combine and manage your pension investments efficiently and securely.

Should I transfer my pensions? Discover the four key things to consider when deciding to combine multiple pension pots into one and how Penfold can help.

How to claim higher rate tax relief on pension contributions. Find out about the benefits of pension tax relief, how it works, and the ways it can be claimed.

Pensions for self-employed

4 Pension tips for freelancers. We explain the significant financial benefits of pension contributions, the inadequacy of the state pension, and the power of compound interest which can help ensure financial security in retirement.

How does tax relief on pensions contributions work for the self-employed? Get a detailed explanation of how tax relief on pension contributions works for the self-employed. We illustrate the significant tax incentives provided by the government to encourage pension contributions and explain the differences for sole traders and limited company directors.

How pensions reduce tax for Company Directors. Learn about the tax advantages for company directors contributing to a pension, including four key tax benefits that can impact tax, finances and income, ultimately allowing you to have more in your pocket overall.

Pensions for employers

Five reasons your workplace pension may be failing your business (and why you should review it). Understand how your current pension provider could be costing your business money, negatively affecting your employees' productivity and impacting your ability to attract and retain the best talent. See how switching workplace pensions is not as complicated as you may think and can ultimately benefit both your business and your employees.

Your workplace pension: are the numbers adding up? Learn about the inefficiencies in the current workplace pension system, the impact of taxation, poor fund performance, and inadequate service from pension providers. Discover how a better workplace pension can contribute to employee wellbeing, productivity and company savings, leading to better financial health for both employees and your business.

Why your staff may never be able to retire comfortably. See why the legal 8% pension contribution in the UK is insufficient for a comfortable retirement, why it might be leading to a pension poverty crisis, and discover low and no cost actions you can take to improve your employees’ financial futures.

Pensions for accountants

The true value of pensions for accountants. Learn why processing workplace pensions is a valuable, essential, and complex task that should be considered as an additional revenue stream. Modern tools can make processing payments easier and there are significant cost savings businesses can achieve by offering the right kind of pension.

Four ways accountants can fall back in love with pensions. Read how to make pension contribution processing less painful and more rewarding for clients. They can save money on fees, enjoy more accessible customer service, utilise automation for efficiency, and choose a pension that engages employees. Strengthen your client relationships and enhance overall satisfaction.

We're making pension and payroll processing more of a pleasure. See how how we’re making the lives of accountants easier with the Penfold Platform, leading to healthier saving habits for everyone.