News in brief - 3 February 2023

The number of searches for the word ‘pensions’ increased by 16 per cent in 2022, research from Standard Life has revealed.

The research showed that there were 654,000 searches for pensions in 2022, compared to 562,000 in 2021. In addition to this, the analysis showed that while February is typically the busiest month for pension searches, October 2022 was the highest month on record over the past four years, with around 74,000 searches for pensions, which Standard Life suggested was likely driven by mini-Budget fallout and the cross-industry ‘Pay Your Pension Some Attention’ campaign. December 2022, meanwhile, saw the greatest number of searches of the term ‘state pension’ ever recorded, with 201,000 searches carried out, representing a 49 per cent increase on the previous month, and a 232 per cent year-on-year increase. There was also a 40 per cent increase in ‘state pension’ searches throughout the whole of 2022, with 1,390,000 searches compared to 993,000 in 2021.

PensionBee has launched has launched a new inflation calculator.

Using the calculator, savers can input their current pension pot value, apply an annual rate of inflation and a static yearly contribution amount to discover how much their pension could be worth (assuming a 5 per cent investment growth and other assumptions) at retirement. As an example, the calculator showed that the based on a continuation of the current inflation rate (10.5 per cent), by 2033, a £50,000 pension pot today could be worth £33,988 in today’s money. The calculator also indicates how the price of everyday goods could rise in the future due to inflation.

The Pension Scams Industry Group (PSIG) has added a video canvas to its website to encourage greater awareness of the threat of pension scams.

The video canvas from Money Alive can be used free of charge by pension schemes to give members greater awareness of pension scam risks, as well as offering strategies to help members avoid becoming a victim. Money Alive worked with behavioural finance expert Neil Bage and scam victims to develop the script, with an AI presenter used to talk viewers through a series of slides about typical scam approaches. The video encourages members to slow down if they are made an offer and examine it in every detail, also directing savers to the Scamsmart website.

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