The new pension freedoms had their first anniversary on 6th April 2017. The changes have transformed UK pensions. Improvements to increase awareness of pension savings, according to research from Aviva is still low. Young people under the age of 35 are specifically likely to not have awareness of the pension changes. The current State Pension age for people under 35 is set at 68, yet the research shows that an estimated nine million in this age group do not know the correct current State Pension age, believing they can receive it before 68. The UK recognises that although we are living longer, we are not saving enough for retirement. The changes put in place have made an effort to modernise the pension system, it appears that the full benefit of this investment hasn’t yet filtered to the under 35s.
