Axa has teamed up with Collins English Dictionaries to launch a campaign to rename pensions.
In a bid to combat pension inertia Axa wants an alternative name or phrase to replace the word pension.
The winning suggestion will get £4,953, the equivalent of a year’s basic state pensions.
Suggestions can be submitted at www.axa.co.uk/mybudgetday or via twitter.
Entries will close on November 26 and an expert panel, including representatives of Axa and Collins English Dictionary, will select a short list of five potential names. The public will vote on the five selected words or phrases via the Axa website.
Research by YouGov for Axa found 17 per cent of 18-24 year olds are put off starting a pension purely because they do not like the word.
Axa head of pensions development Mike Morrison says: “We need to get younger people thinking about their future financial stability much earl- ier. Trying to find a more compelling word or phrase is one simple thing we can do.”
Collins English Dictionaries editorial director Elaine Higgleton says: “The word pension is part of the fabric of British life but some younger people are finding it offputting. Perhaps it is the association with pensioner, meaning an elderly person.
But the Retirement Adviser head of financial planning Nick Flynn says: “Clients understand the word pensions and if it is not broke don’t fix it. To change the same seems to be more confusing.”
Aegon head of pensions development Rachel Vahey says: “If we start calling pensions other names, then that might just lead to confusion. I agree we need to find a way of making pensions a conversation for the dinner table and easily accessible to people. Anything that can get Britain more interested in saving has to be good news.”