RSM UK calls for financial literacy programme as Pension Schemes Bill is confirmed in King’s Speech

Reacting to the King’s Speech and confirmation of a Pension Schemes Bill, RSM UK’s head of pensions, Ian Bell said: 'The Pensions Schemes Bill confirmed in the King’s Speech highlights the consolidation of small pension pots as a key aim. While this is a welcome move, the onus is currently on individuals to choose where to put their consolidated retirement savings. We urge the government to consider steps to improve financial literacy, particularly around pensions, which is a blind spot for many, especially younger generations. This move would help pensions savers get the most value from their consolidated retirement savings and reduce poverty for future generations.

'Saving for retirement is often viewed by consumers as an older person’s issue, but money saved early on has more time to grow if it’s invested wisely. Many people don’t consider how much they will have to live on in retirement until it is too late to make adequate provision. Better financial education early in life, through a government backed financial literacy programme in schools, would help people make the right choices earlier in life to secure a more comfortable retirement.'