Workers ‘need pension help’ to achieve better wealth management

Posted 06/10/2010

UK employees should be provided with more assistance regarding their pensions if they are to achieve success with wealth management.

This is according to National Association of Pension Funds (NAPF), which carried out research and found that many people have no idea about what pension they will be entitled to.

Some 94 per cent of respondents said employers need to be clearer about pension arrangements when they are recruiting, with 22 per cent only finding out what their pension entitlements are after they had already started a job.

This is despite the fact that 41 per cent of people said a pension is the most important benefit that a business could offer on top of an ordinary salary.

NAPF chief executive Joanna Segars said she finds it astonishing that people are “sleepwalking” when it comes to pension arrangements.

“The UK faces a growing retirement saving crisis. Treating the workplace pension as an afterthought has serious implications,” she warned.

According to DirectGov, the government is currently reviewing the current timetable for increasing the State Pension age from 65 to 66, but no decision has yet been made.