People in the UK aren’t saving enough for retirement and are increasingly worried about having enough money when they do, according to Resolver, the UK’s largest free complaint website.
The survey of over 10,000 of Resolver’s users also reveals that large numbers of people are unsure how their occupational or personal pension works.
The results of the survey reveal:
Half of all respondents said they felt they knew where to go to get advice about their pension, but millions of people across the UK are still unsure where to turn.
Pensions are one of the most important – and biggest – investments we’ll make in our lives. Yet our survey shows that millions of people simply don’t understand how they work or where to turn for help.
It’s time for pensions to be demystified, from ditching complex terms and simplifying language to encouraging people to seek help. Admitting that we don’t understand how such an important investment works is the first step.
It’s also becoming increasingly clear that people don’t understand how fees and charges on their pensions are applied or if they’re fair – and their rights to complain or change provider if they’re unhappy.
People often put decisions about their pension in the “too hard” box. Whilst pension providers are trying to improve their communications, the volume of paper received is very off-putting and people often don’t know where to get started. In addition, there are many different types of pensions with different rules applying, depending on when they were taken out. It can therefore be difficult for people to understand how their pension works.
Resolver is encouraging people to: