'Pensions inertia' could trigger rise in debt advice needs
'Pensions inertia' could trigger rise in debt advice needs
- Tuesday, 25 August 2009Future
debt advice needs could increase as a result of pension negligence, according to new figures.
Research from Prudential indicates that 30 per cent of the UK's 8.8 million occupational pensions are unwatched, with consumers having no idea how their money is being invested.
A further 48 per cent of people over the age of 25 admit to opting for their company's 'standard' scheme, with 29 per cent of all ages paying no attention to their fund's performance.
Andy Brown, director of investment funds at Prudential, said: "It's worrying that so many people who pay into a company pension scheme appear to be in this state of inertia."
He went on to say that people should check up on their pension scheme's performance as regularly as they do for things such as utilities, insurance cover and broadband.
The government is to review the default retirement age next year.
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