Three insights into unsettling pension freedoms data
By Tom Carnegie, 22 Mar 18
The Financial Conduct Authority has released figures on pension freedoms that product providers have described as “concerning” and “do not make for comfortable reading”. International Adviser spoke to industry experts to get their thoughts on the data.
The FCA released the retirement income figures in its March data bulletin.
Key findings
The key findings include that 31% of all UK adults have no private pension provision. While 75% of all UK adults not retired have not considered much, or at all, how they will manage financially in retirement.
Other key findings include that 32% of defined contribution (DC) pension holders do not know the size of their pension savings, 53% have not reviewed how much their pension pot is worth in the last 12 months and 34% of people have little or no trust in their DC provider.
Further, 71% of DC pension holders do not know what charges they are paying and 81% of people have not given much thought about how much they should be paying into a pension.
International Adviser spoke experts from Old Mutual Wealth, AJ Bell and Aegon to get their reactions to the report.
Click through the slides to see their comments.
Tags: Aegon | AJ Bell | FCA | Old Mutual | Pension Freedoms
