According to an article in MoneyMarketing, UK adults are confused about their pensions. The Money and Pensions Service had Opinium survey 2,008 non-retired UK adults over the course of September 2019. The results are a a lot to take in.
Over half of the survey participants didn’t know they can snag early pension access in the case of “severe ill health,” and 56% didn’t know they could contribute to their pension during parental leave.
Caroline Siarkiewicz, the Acting Chief Executive of the Money and Pensions Service said, “‘It’s clear that many people are unaware of their options when it comes to important events in their lives that can impact their pensions such as becoming a parent or starting their own business.'”
On the other hand, 65% of survey participants did realize auto-enrollment didn’t necessarily guarantee a sufficient retirement.
How do you educate your clients about their pensions? Do you often present them with opportunities they didn’t know existed?
