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Failure to receive pension advice causes a £132 billion shortfall in UK pension funds

A report by the Social Markets Foundation found that most people nearing retirement do not receive advice or guidance on how to accumulate and use a pension.

More than two-thirds of 50- to 64-year-olds don't know how much they'll need to retire, according to a new report
More than two-thirds of 50- to 64-year-olds don’t know how much they’ll need to retire, according to a new report

People between 50 and 64 years old are preparing to retire with pension One report warned that they were 58% short of what they needed.

Their pension is £250,000 less on average than needed for a comfortable retirement, increasing the total shortfall to £132 billion.

Think-tank Social Markets Foundation finds that more than two-thirds of 50- to 64-year-olds don’t know how much they need retirement.

Only a fifth of them spoke to a financial advisor about their pension.

Research funded by savings and retirement fund business Phoenix Group, shows that failure to plan properly risks leaving people confused, anxious and at risk of missing out on a quality of life. than in retirement.







A typical 50 to 64 year old has a pension savings of 58% less than what they claim (Image available)
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Image:

Getty Images / STOCK4B-RF)

The Social Market Foundation has called for the expansion of the Government-supported Pension Wise guidance service with new digital tools.

Scott Corfe, SMF research director, said: “There is a critical gap in the provision of advice and guidance around pensions.

“That gap leads to real financial harm. A lack of understanding of exactly what they will need means that some people will not save enough and end up being disappointed.”

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https://www.mirror.co.uk/money/failure-pensions-advice-creates-132bn-26301863 Failure to receive pension advice causes a £132 billion shortfall in UK pension funds

Fry Electronics Team

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