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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | June 2009 (15 blogs) | Pension knowledge vital key to engagement
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Pension knowledge vital key to engagement
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Regular readers of these pension news updates will know how passionately I feel about the provision of pension education. It’s no coincidence that a large section of the public has turned away from pensions for a variety of reasons. But the lack of understanding about pensions in general and ‘at retirement options’ in particular has to be a major concern if we are to avoid a pensioners catastrophe. We’ve started to have regular headlines of a ‘pension tsunami’ and it is a very, very real threat.
So, research commissioned by Just Retirement which reveals how 3 out of 4 people reaching retirement do not properly understand what an annuity is, comes as no surprise. Nigel Barlow, head of technical services at Just Retirement says: "Unfortunately, the majority of people don't understand what an annuity is or what the implications are of converting a pension fund into a pension income...”
Only last week I posted a reply to a thread on Martin Lewis’s MoneySavingExpert.com which discussed the merits of an annuity for one particular person. Even with the help of several regular and respected respondents, nobody had even mentioned the impact of health and hereditary health in terms of purchasing an annuity! See:
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Mike Jones, MyCompanyPension.co.uk Ltd, June 15th 2009
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