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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | April 2009 (9 blogs) | More pension guidance needed within 5 years of retirement
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More pension guidance needed within 5 years of retirement
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There’s an interesting quote in an article in Professional Pensions which discusses the results of a survey conducted by HSBC Actuaries and Consultants: ‘…despite the fact that best and worst annuity quotes can differ by around 30%, some 44% of members retiring in the next five years had "no idea" what their annuity payouts will be.’
It’s alarming, if you think about it. The ‘At Retirement’ market really begins in earnest in the period around 5-years before benefits are due to be taken. Yet, relatively few scheme members or policyholders appear to show the kind of interest that ought to be given to what benefits will be available and how best these can be secured.
Trustees and advisers must take the lead and actively engage would-be-retirees in the pension education process: never more important than in those years immediately before retirement. It’s a win-win situation for everybody concerned who embraces improving the knowledge base, but it’s an eventual accident waiting to happen for trustees, advisers, scheme members or policyholders if nothing is done - or if the general malaise is allowed to continue. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, April 2nd 2009
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