Pension pot size a mystery for most
By Tom Carnegie, 5 Feb 18
Three quarters of UK workers do not know the value of their pension fund, while a fifth of consumers aged over 55 will not trust anyone when it comes to getting financial advice, according the Chartered Institute for Securities & Investment (Cisi).
Most workers declared that they would like to retire younger than they believed they will, with 56% saying they would like to retire in their 60s.
Interestingly, 4% said they didn’t want to retire at all.
Only one in eight (13%) said they would be able to retire when they wanted to as they believed they had saved and planned appropriately for retirement.
This rose to one in six for men (16%) but was only one in ten (10%) for women.
A phased approach to withdrawing from work appealed to respondents, with a quarter (25%) saying they would like to transition into retirement, while one in nine (11%) said they wanted to keep working for as long as possible.
Tags: CISI
