How do we define pension engagement? Cognitive engagement Interventions and actions aimed at improving and increasing awareness and understanding of pensions and options available. Such as, awareness campaigns, better information, education, and more personalised guidance on which individuals can make informed choices. There’s a role for the government, pension providers and employers in increasing cognitive engagement. Affective engagement Interventions and actions aimed at increasing interest and motivation in saving for retirement and increasing the importance of longer-term saving. Also, interventions to help people think about their future in a more positive way, thus reducing anxiety and worry about retirement. Behavioural engagement Interventions and actions aimed at encouraging individuals to take action. This could be keeping themselves informed, regularly checking pension statements and performance, remaining an active saver, attending information sessions and increasing contributions. Cognitive engagement Improved and increased awareness and understanding of pension saving and options available. since being auto-enrolled, 44% say they understand pensions better know exactly how much they contribute to their pension would like more guidance on how much they would need to save to achieve their retirement goals say they are unaware that they receive tax relief on their pension contributions know how much their employer contributes into their workplace pension 44% 13% 44% 37% 48% 28 A decade of auto-enrolment: has it helped or hindered saving psychology?
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