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Blasé Brits forget pension funds

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by David Masters
Blasé Brits forget pension funds

UK employees are blasé about their pension fund because they struggle to see how the money saved is relevant to their current life.

Research by Baring Asset Management found nearly half (48%) of Britain’s workforce have never checked their pension plan since opening the policy.

The study corroborates recent findings by Lincoln Financial Group that over two million Brits are unsure where their pension fund is invested.

“Effectively because they are not going to take benefit from it for a very long time so the pension is not very real to them,” said pensions expert Anna Sofat.

Sofat, director of ADDIDI Wealth, said she was not surprised by the survey’s findings.

Many pension schemes don’t even send out a yearly statement, she noted, so it is easy for people to forget about them.

According to Sofat, only a “very small minority” of Brits have an ongoing relationship with a financial adviser.

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News posted: September 30, 2009

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