People often say that no publicity is bad publicity, but the recent headlines around pensions have typically not had the best impact on members, as concerns that pensions were on the brink of collapse sparked member fears.

Many in the industry have been quick to stress that pension schemes faced liquidity rather than solvency issues, with industry experts appearing on the evening news to help reassure members that their pensions were safe.

But pensions didn’t have the best image even prior to this. While Brits clearly remain protective of their pensions, past scandals have left their mark, as seen in recent evidence to the Work and Pensions Committee inquiry into pension freedoms.

“The pensions industry has a poor reputation in regard to honesty and fairness,” wrote one anonymous saver, going on to state that receiving “poor returns due to unscrupulous companies is why people avoid pensions in general”.

Others argued that savers should “forget about pensions”, suggesting that as pension savings “remove a great deal of money from circulation”, they could be “in essence, collecting from the poor and loaning to the rich”.

The blame game following the recent LDI Issues will no doubt continue, with an inquiry recently launched into this by the WPC.

In the meantime however, it’s important that members are being provided with straight-forward information to help them understand the impact of recent volatility on their pension.

It is perhaps serendipitous timing that the ninth Pension Awareness Week is just around the corner, with co-founder of the campaign, Rachel Parkinson, arguing that “it’s never been more important to provide straight forward information to help the public make informed decisions about their money".

“The live online shows and the information we’re providing within the Pension Awareness website will cover everything from pensions to personal finances and money tips, so I’d encourage everyone to have a look around the platform and to get involved with the live shows,” she continued.

This is also a year with a difference, with the backing of the cross-industry Pension Attention campaign, which has support from 17 providers, while those involved are also working closely with the Department for Work and Pensions (DWP) and the Money and Pensions Service (Maps).

The campaign, headed up by the Pensions and Lifetime Savings Association (PLSA) and the Association of British Insurers (ABI), has also enlisted the help of grime artist and TV cook, Big Zuu, who produced a new pension awareness-inspired track and music video to support the campaign.

But getting the message right has become even harder amid the cost-of-living crisis, as some are left to face the impossible decision of ‘eating or heating’.

Although this may make pension awareness efforts more challenging, it also means that they are needed now more than ever.

Indeed, Parkinson said that “it's never been more important for initiatives like Pension Awareness during the cost-of-living crisis” as people have even more question that they need answers to, with the campaign receiving an increasing number of queries as to the impact of pausing pensions.

Adding to this, Punter Southall Aspire, the creators of National Pension Tracing Day, chief commercial officer, Alan Morahan, suggested that the rising cost of living makes it “all the more important that people track down the money they have worked so hard to earn and save”, with recent research revealing that the total value of lost pensions had grown to £26.6bn.

And campaigns such as Pension Awareness aren’t necessarily about changing saving behaviour, but making the time to review their existing pension, to understand what they have and where it is.

The National Pension Tracing Day, for instance, doesn’t look to encourage individuals to save more, but to trace down the savings they have already made with the extra hour they will have when the clocks go back.

Similarly, recent messaging from the Pension Attention campaign urged savers to ditch some household chores and check in on their pension instead, after research revealed that people spend at least 30 minutes a week on household chores, but just 30 minutes a year reviewing their pension.

“We’re suggesting everyone skips a job this week and uses the time for some pension admin instead, or perhaps persuades another member of the household to step in!” Pension Attention campaign manager, Sarah Cordey, commented. “This isn’t about saving more money – we just want people to spend a little time making sure they know where their pensions are and how to keep an eye on them.”

Interest in the Pension Awareness campaign already seems to be up, with nearly 27,000 savers signed up for the campaign’s live shows so far, up 50 per cent on 2021.

With savers making the time to engage with the campaign, it is up to the industry to maintain this momentum, to work with members and rebuild trust.

The industry seems ready to step up to the plate, but whether this proves enough to repair the damage already done is yet to be seen.

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