Saving for Retirement

Applies to all GB credit unions

(Updated on 26/02/25)

These days it’s more important than ever for everyone to get to grips with their finances sooner rather than later. Most of us can expect to live well into our eighties – that’s around 20 years beyond the current State Pension age – so it’s really vital that people think about their retirement and how they’ll fund it.

Credit Unions can help people plan and save for retirement, especially people who have put off thinking about their long-term finances and pensions because they feel it’s all too complicated. We provide an accessible, local, and ethical service, and we can help people manage their money by providing clear and consistent information to customers.

Automatic Enrolment into Workplace Pensions

Automatic Enrolment (AE) was introduced in October 2012, initially mandatory for large and medium sized employers, and then extended to small and micro employers.

The criteria for eligible workers are:

• Those not already in a qualifying workplace pension scheme
• Those aged 22 or over
• Those under the State Pension age
• Those who earn more than a minimum amount a year (£10,000) – if you earn less than £10,000 you can still opt in but will not be automatically enrolled.
• Those who work in usually work in the UK

To increase awareness and understanding of this change, the DWP has produced a range of materials, including posters, which can be downloaded from the menu on the right-hand side of the page.

The Department for Work and Pensions (DWP) has developed fact sheet guidance for advisers helping customers with retirement planning, including:

• people wanting to know the value of their State Pension and can be done now to boost income in later life
• carers who could get Carers Credit
• people thinking about divorce or separation
• people planning to move overseas.

The fact sheets can be accessed and downloaded from the DWP website using the links to the right. You can also download the ‘Extending Working Lives’ widget, which helps customers find helpful information online.

Please make use of these free resources. This material can help people plan a better future. If you have other ideas please get in touch with Fran Elliott, DWP, Planning and Saving for Later Life Communications at fran.elliott@dwp.gsi.gov.uk

Further guidance is available in the ABCUL Member Resource Library here.