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£500,000 - The Real Cost Of Pension Disengagement | Lisa Picardo
Manage episode 475600272 series 2523033
Episode Summary:
In this powerful episode of The Cashflow Show, host Clayton M Coke sits down with Lisa Picardo, Chief Business Officer UK at PensionBee, to explore the real cost of pension disengagement. With insights backed by research, Lisa breaks down how neglecting your pension—even in your early working years—could cost you up to £500,000 at retirement. Learn how behavioural psychology, digital tools, and proposed industry reforms can help reverse this alarming trend and empower individuals to take control of their financial future.
🔍 Key Discussion Points:
- The £500K financial impact of pension disengagement
- Why younger workers underestimate the importance of early pension planning
- How default funds and pot proliferation complicate retirement savings
- The role of tech and apps in boosting pension engagement
- Behavioral barriers to pension awareness and planning
- The importance of pension consolidation and keeping records up to date
- Proposed reforms including the 10-day pension switch guarantee
📌 Key Takeaways:
- Small steps taken early in your career can lead to major retirement benefits
- Most UK workers stay in default pension funds, potentially missing better options
- Tech-enabled platforms significantly improve engagement and education
- Pension consolidation simplifies management and boosts long-term outcomes
- Reform is essential for a faster, more transparent pension system
💬 Notable Quotes:
“Failing to actively engage with your pension during your working life could really have a staggering financial impact.” – Lisa Picardo“People think, ‘It’s not today’s problem,’ but that delay could cost you dearly.” – Lisa Picardo
“There’s a clear link between digital engagement and better pension outcomes.” – Lisa Picardo
✅ Actionable Insights for Businesses:
- Employers should offer regular pension education sessions to boost engagement
- Integrate mobile app features like notifications, calculators, and gamification
- Encourage employees to consolidate multiple pension pots for better visibility
- Stay updated with PensionBee's reform proposals to support employee well-being
- Promote tools like Pension Wise appointments for staff over 50
🔗 Resources:
- PensionBee – Online pension management
- MoneyHelper – Free & impartial pension advice
- Pension Wise – Free appointments for people over 50
The Cashflow Show can be reached here:
Website: www.thecashflowshowpodcast.com
Twitter: https://twitter.com/thecashflowshow
Instagram: https://instagram.com/thecashflowshowpodcast
Support us via our sponsored & affiliate links
Our Buy Me A Coffee Link | buymeacoffee.com/thecashflowshow
Our Patreon Link | https://www.patreon.com/TheCashflowShowPodcast
Our Ko-fi Link | ko-fi.com/thecashflowshowpodcast
V1CE Sustainable Business Cards | https://v1ce.co/?ref=b13m2858so
To sponsor or advertise on The Cashflow Show Podcast, contact us at [email protected]
Clayton M Coke can be found here:
LinkedIn: https://uk.linkedin.com/in/claytoncoke
Website: https://www.prmsltd.co.uk
Email: [email protected]
Twitter: https://twitter.com/prmsltd
Instagram: https://www.instagram.com/prmsltd/
Our theme music is called "The Mediator - aka Theme from The Cashflow Show" [PRS] and "Better Call Clayton" [PRS]
As an Amazon Associate I earn from qualifying purchases.
“What are YOU like?” & “60 Second Shoot-out” are both intellectual properties of Dialogue [London] Ltd
(c) Clayton M Coke/PRMS Ltd/Dialogue [London] Ltd | All Rights Reserved
★ Support this podcast ★121 episodes
£500,000 - The Real Cost Of Pension Disengagement | Lisa Picardo
The Cashflow Show: Entrepreneurship Insights for Founders, CEOs and Business Leaders
Manage episode 475600272 series 2523033
Episode Summary:
In this powerful episode of The Cashflow Show, host Clayton M Coke sits down with Lisa Picardo, Chief Business Officer UK at PensionBee, to explore the real cost of pension disengagement. With insights backed by research, Lisa breaks down how neglecting your pension—even in your early working years—could cost you up to £500,000 at retirement. Learn how behavioural psychology, digital tools, and proposed industry reforms can help reverse this alarming trend and empower individuals to take control of their financial future.
🔍 Key Discussion Points:
- The £500K financial impact of pension disengagement
- Why younger workers underestimate the importance of early pension planning
- How default funds and pot proliferation complicate retirement savings
- The role of tech and apps in boosting pension engagement
- Behavioral barriers to pension awareness and planning
- The importance of pension consolidation and keeping records up to date
- Proposed reforms including the 10-day pension switch guarantee
📌 Key Takeaways:
- Small steps taken early in your career can lead to major retirement benefits
- Most UK workers stay in default pension funds, potentially missing better options
- Tech-enabled platforms significantly improve engagement and education
- Pension consolidation simplifies management and boosts long-term outcomes
- Reform is essential for a faster, more transparent pension system
💬 Notable Quotes:
“Failing to actively engage with your pension during your working life could really have a staggering financial impact.” – Lisa Picardo“People think, ‘It’s not today’s problem,’ but that delay could cost you dearly.” – Lisa Picardo
“There’s a clear link between digital engagement and better pension outcomes.” – Lisa Picardo
✅ Actionable Insights for Businesses:
- Employers should offer regular pension education sessions to boost engagement
- Integrate mobile app features like notifications, calculators, and gamification
- Encourage employees to consolidate multiple pension pots for better visibility
- Stay updated with PensionBee's reform proposals to support employee well-being
- Promote tools like Pension Wise appointments for staff over 50
🔗 Resources:
- PensionBee – Online pension management
- MoneyHelper – Free & impartial pension advice
- Pension Wise – Free appointments for people over 50
The Cashflow Show can be reached here:
Website: www.thecashflowshowpodcast.com
Twitter: https://twitter.com/thecashflowshow
Instagram: https://instagram.com/thecashflowshowpodcast
Support us via our sponsored & affiliate links
Our Buy Me A Coffee Link | buymeacoffee.com/thecashflowshow
Our Patreon Link | https://www.patreon.com/TheCashflowShowPodcast
Our Ko-fi Link | ko-fi.com/thecashflowshowpodcast
V1CE Sustainable Business Cards | https://v1ce.co/?ref=b13m2858so
To sponsor or advertise on The Cashflow Show Podcast, contact us at [email protected]
Clayton M Coke can be found here:
LinkedIn: https://uk.linkedin.com/in/claytoncoke
Website: https://www.prmsltd.co.uk
Email: [email protected]
Twitter: https://twitter.com/prmsltd
Instagram: https://www.instagram.com/prmsltd/
Our theme music is called "The Mediator - aka Theme from The Cashflow Show" [PRS] and "Better Call Clayton" [PRS]
As an Amazon Associate I earn from qualifying purchases.
“What are YOU like?” & “60 Second Shoot-out” are both intellectual properties of Dialogue [London] Ltd
(c) Clayton M Coke/PRMS Ltd/Dialogue [London] Ltd | All Rights Reserved
★ Support this podcast ★121 episodes
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