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Britons show pensions indifference

Britons show pensions indifference

Category: Pensions

Updated: 15/06/2010
First Published: 15/06/2010

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
We are long been warned that saving for our retirement is critical, but it appears many Britons are less than bothered about their pension provision.

Almost a third of (32%) consumers with a pension admit they have no idea how it is invested, according to Standard Life, while one in ten have not reviewed their situation since they set their pension up, and could not be completely sure how it is invested.

These figures uncover a worrying trend of people pushing the pension situation to the back of their mind, with almost a quarter of adults (23%) admitting they do not care about their pension.

"Indifference to pensions is nothing new, but if individuals are going to have any hope of achieving a comfortable retirement then this attitude must change," Richard Eagling, Editor of Investment Life & Pensions Moneyfacts said:

"Reviewing your pension on a regular basis to ensure that your funds are not underperforming is a basic starting point for anyone saving for their retirement."

Pension inertia is a topic that the Government is desperate to battle, as it attempts to get people to become less reliant on the state after they finish work.

From 2012, all employees not signed up to a company pension will be automatically enrolled into a Government pension scheme.

The NEST initiative will mean people have to opt out of the scheme if they don't want to make an effort to build up a pension pot, rather than opt into one, as is the case currently.

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