MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.

21st November 2018
:: Blog | July 2008 (14 blogs) | We never listen or learn...

 
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Pensions: we never listen or learn 
 
I’m not at all surprised by the findings of a survey by B&CE, the organisation which describes itself '...as the UK's largest provider of financial benefits to construction industry employers and individuals'.
 
Apparently, nearly 50% of workers who took part in the survey were unaware of the tax incentives that pensions offer. That’s incredible – and it serves to demonstrate how poor we’ve been as a nation at pension education. Indeed, my own experience participating in public forums on pensions, concurs with B&CE’s findings and I’m alarmed at how few people realise that income derived from a pension is taxable.
 
And, as if to compound the survey’s findings, the recent DWP annuitisation decisions research revealed that several participants believed that they could take 100% of their pension fund at retirement as a cash lump sum. They were in for a shock then, weren’t they?
 
The B&CE report also found that around 31% of those surveyed believe interest is tax-free on deposit savings, despite this being untrue. Fascinating, but depressing too. See:
Mike Jones, MyCompanyPension.co.uk, 29th July 2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

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