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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | September 2008 (5 blogs) | TPR: pension education
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TPR: pension education and pension communication key to successful retirement planning
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It's official - according to recent research, pension education and pension communication are essential in order to make the most of retirement planning. I’ve included two interesting articles released yesterday which sit side by side with each other.
One is the latest survey on attitudes to ‘adequate’ retirement provision conducted by GE Money and MoneyBasics.co.uk. The survey reveals conflicting results, which we shouldn’t be surprised at, such as “Only one in four people are confident their pension will provide them with an adequate income during retirement.” Here's more:
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Just 27% of people think their pension will be big enough to support them when they stop working, while 41% admit they are not saving towards their retirement at all.
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Men are more likely to have a pension than women, at 64% compared with only 55% of women.
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They are also twice as confident their pension will be adequate, with 35% of men thinking it will provide them with a big enough retirement income, a feeling that is shared by just 18% of women.
See:
Clearly, the message isn’t getting through to a majority of people about what is an adequate retirement plan. Timely then, that The Pensions Regulator should issue its latest guidance on member communications for DC schemes. See:
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Mike Jones, MyCompanyPension.co.uk, 19th September 2008
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