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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2008 (3 blogs) | Stretching your pension
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Life expectancy: stretching your pension
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Increasing life expectancy is one of the biggest challenges affecting pensions both in the UK and the wider world. Making sure people understand the effect this will have on their retirement planning is crucial so giving meaningful pension education to employees makes good sense. Empowered with knowledge, employees will be well placed to spot gaps and weaknesses in their retirement plans.
This is my favourite pensions article of the week and I’d like to draw your attention to a couple of quick quotations contained within it:
“The trouble is that neither employers nor employees really know what DC plans are aiming to do. Over two-thirds of European plans surveyed by Mercer, a consultancy, had no formal objectives or goals.”
“When it comes to pensions, the buck has been passed from employers to employees. But too few workers realise how much they need to contribute to guarantee a decent retirement or feel confident enough about how to invest their funds. This will not lead to the headlines about bankrupt pension funds that marked the decline of the DB scheme. But it will be bad for many workers all the same.”
I’d highly recommend you take 5 minutes, get yourself a cup of tea or coffee and read this excellent commentary. See:
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Mike Jones, MyCompanyPension.co.uk, 30th June 2008
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