Banking study highlights pensions ignorance

Wed, 28 Mar 2007

A new pensions study has highlighted the level of ignorance towards retirement planning among UK adults, pension companies may be concerned to learn.

According to a survey of 990 adults aged 16 or over from banking institution HSBC, approximately 60 per cent of women admit they are not currently making any pension contributions.

Of this group, 44 per cent revealed an erroneous conviction that a person has to be working before they are entitled to add to their pension.

Meanwhile, 64 per cent of the non-contributors were unaware that other people - such as parents or spouses - are allowed to contribute towards their pension fund.

Ian Martin, head of pensions and retirement income at HSBC, commented on the findings.

"Despite efforts by both the government and the [pensions] industry to generate more awareness around retirement planning, our research clearly shows that there is still a lack of clarity over how to go about it," he said.

In terms of market capitalisation, HSBC is the largest banking institution in the UK, ahead of Royal Bank of Scotland, Barclays, HBOS and Lloyds.

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