Valentine's Day is upon us, the holiday that celebrates love in all its forms – whether this is romantic love, platonic love, or even financial love!

While people are planning candlelit dinners with their valentine or organising a fun get-together with mates, it’s easy to overlook one of the most important long-term commitments people ever make: pensions.

Just like any strong relationship, a healthy pension requires regular care, attention, and investment to grow into something that can support you in your later years. Yet, despite its importance, many savers risk falling short of their retirement goals.

With so many other priorities in life, pensions often take a backseat - only to be realised too late that contributions haven’t been sufficient to provide the lifestyle they envision for themselves in retirement.

Research from Royal London found that the average worker is on track to miss their annual retirement income target by approximately £12,000. While most savers hope to retire on £48,868 per year, including the full state pension (£11,542), their current pension contributions may not be enough to achieve that goal.

Valentine’s Day is a perfect reminder that now is the perfect opportunity to show pensions some love. Just as relationships take care, a saver’s financial future deserves the same attention. By taking a proactive stance today, pension savers can ensure that their pension will provide the financial freedom and security they deserve in retirement.

In relationships, the best ones are built on a solid foundation and require continuous effort and communication, as is a good pension.

The earlier savers start contributing to their pension, the better. Whether through a workplace pension, a self-invested personal pension, or an alternative retirement vehicle, consistent contributions over time can help savers establish a strong foundation for a financially secure future.

Research has shown that saving into a pension early can make a significant difference to the amount savers can accumulate in their pension pot by retirement.

Even small increases in monthly contributions can have a huge impact over the long run, due to compounding.

In relationships, communication is essential and the same applies to your pension. However, many savers neglect their pension pots, assuming that pensions are a problem for their future selves.


According to research from People’s Partnership, nearly a fifth (19 per cent) of pension savers have never checked their pension balance.

But leaving your pension unchecked can lead to unintended consequences such as inadequate retirement savings, with little to no time to make up for this.

In relationships, people don’t settle for less when choosing a partner. Similarly, savers shouldn’t settle for less when it comes to how their pension fund is invested.

Just as people carefully choose how to spend time and money in relationships, savers should apply the same careful consideration to how their pension fund is managed.

Research from Scottish Widows revealed that nearly three quarters (72 per cent) of UK employees said it was important that their employer offered a "responsibly invested" pension.

However, 47 per cent of employees didn’t know whether their workplace pension was invested responsibly.

With increasing concerns about the environmental and social impacts of investment choices, savers need to ask the right questions.

A successful relationship also thrives on shared goals and aligned expectations and the same is true for retirement planning.

Yet, according to Standard Life, 50 per cent of people aged 55 and over have not discussed the lifestyle they want in retirement with a partner or loved one.

Even more worrying, 53 per cent have not had a conversation about whether they are on track to afford their desired retirement lifestyle.

Standard Life found that 50 per cent of those aged 55 and over have not discussed the sort of lifestyle in retirement they want with a partner or loved one. Meanwhile, 53 per cent have not had a conversation about whether they are on track to afford it when they retire.

This is a worrying sign because having open conversations about retirement is crucial for ensuring that couples can prepare adequately for the retirement they envision.

Without these conversations, savers could face different expectations, leading to tension or stress later on when they realise their savings may not be enough.

This Valentine’s Day, while you’re showing love to those who matter most, don’t forget to show some love to your pension.

Take some time to assess your pension contributions, investments, and long-term goals to help ensure that your financial future is as secure as your relationships. It’s never too late or early to start showing some love to your pension.

Make a date with your pension today. Your future self will thank you for it.

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