Brits are apathetic towards pensions

Tue, 12 Aug 2008

According to recent research by Baring Asset Management, consumers in the UK are apathetic towards pension schemes . The pensions research found that people are not paying enough attention to pensions, and undervaluing their lifestyle commitments in old age.

The company urged pensioners to review their pension scheme . They found that some 13.6 million people in the UK have never reviewed their pension plans, whilst some 2.2 million haven’t done so in the last five years. Just 22 per cent reviewed their pensions plan in the last year.

The CIO at Barings, Marino Valensise, reportedly commented: "These statistics are very worrying. It is surprising to see that so many people still have no idea where their money is being invested or, indeed, whether their pension is producing the returns necessary to support them in retirement . Coupled with the fact that people are not putting aside enough funds in general for their retirement, it's clear that many people could face a serious shortfall when they reach retirement age."
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