Towie star Gemma Collins fronts parody pension awareness ad

Reality TV star Gemma Collins is being featured in a tongue-in-cheek ad campaign run by the Pensions and Lifetime Savings Association to get people to stop worrying about wrinkles and instead start thinking about their pension.

The campaign, called Pension Attention, comes on the back of a study that found 57% of people have purchased anti-ageing products in the past 12 months, including anti-wrinkle cream, grey hair treatment and collagen products, while only 23% have organised their finances for retirement.

The Only Way Is Essex star says in the ad: "There's a more important pot to think about. I'm talking about your pension pot."

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Pension Attention is an industry-led engagement campaign organised by the Pensions and Lifetime Savings Association and the Association of British Insurers. It is funded by members of the pensions industry.

The campaign encourages people to check if they have any lost pension savings, to log into and check pension accounts and think about how much they will need for retirement.

Lost pension pots amount to £50 billion

The ad comes as more than one in five workers (22%) believe they have lost a pension pot, with total misplaced retirement savings likely to exceed £50 billion, according to new research.

Analysis by the Centre for Economics and Business Research, on behalf of PensionBee, reveals that an estimated 4.8 million pension pots are already missing in the UK, with that figure set to rocket by 130% by 2050. 

Collins said: "To be honest, I hadn't previously given much thought to my retirement and the money I might need for it. It has always felt such a long way off.

"I don't want to be hustling forever and working 24/7 on the trot. If you can do one thing today, then just have a look at your pension and give it some attention. It's going to be top of my list now."

Millions of people are not saving enough to secure even the minimum standard of income during retirement, with many feeling they will not be able to retire at all due to financial pressures.

According to a study by Scottish Widows, 38% of people are not on track for the most basic retirement lifestyle, which is defined by the Pension and Lifetime Savings Association as having enough money to cover basic needs with some left over for fun.

Pete Glancy, head of pensions policy at Scottish Widows, said: "The growing gap in retirement outcomes and people's quality of later life, between those who are currently retired and those who will retire in the future, is of great concern."

Mark Smith, spokesman for the Pension Attention campaign, said: "Most working people in the UK have a pension, but many don't know how to find information about these savings. We're asking all UK adults to think about where their pensions are, what's in them and to ensure that things like names and addresses are up to date."