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).
Financial understanding
The research found there is a consistent group of between 30-40% of those with a pension who don’t rate their own knowledge particularly highly:
- 40% admitted they are not sure how pensions work.
- 45% either don’t know what pension they have or know their employer contributes but are unsure of what type it is.
- 31% were not aware that the final value of a pension can fluctuate.
- 28% did not know that part of a typical pension is invested on their behalf.
- 36% don’t know if their provider has an online account portal.
Tags: CISI
