Confusion reigns over British pensions

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Financial Services > Pensions > News

Confusion reigns over British pensions

Tue, 09 May 2006

Recent government initiatives intended to promote and clarify pensions to the British public appear to have been ineffective, surveys reveal.

Despite efforts such as "Pensions Day", reports from retirement specialists reveal that three in ten people approaching retirement age do not know how to make the most of their pensions. In addition the report highlights that pension and retirement advice is often sought from friends and family rather than from professional financial advisers .

Many more of those surveyed appeared confused by the options available to them regarding their pensions, with 27% saying that they had no idea at all what they would be doing with their retirement savings. 16% of those pre-retirement age said they didn't know how to gain access to professional advice and that they believed it would be difficult to acquire.

Those that did seek professional financial advice were much more confident in their decisions concerning retirement. Nearly two-thirds of those that had sought financial advice with regards to their retirement stated that they were confident they had provided sufficiently to fund their retirement.

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