Do you know your pension annuity from your elbow?
Another poll, this time suggesting that millions of Britons are unsure over the terms of pension policies and could be jeopardising their pension annuity retirement income as a result. A poll conducted by Halifax for its Pension Health Check report found that 61% of respondents did not know the difference between a personal pension and a state pension.
Meanwhile, 56 % admitted they do not know the meaning of a pension annuity and 79 % were unsure when or how their personal pension would be paid out to them. Customers are being urged to take a more active role in saving for their retirement and to seek out advice to help them understand pension plans.
In a statement: “Our research highlights confusion over pensions amongst the British public. We are issuing a timely reminder for people to start thinking about their retirement plans. Costs are rising and people are living longer which means it is more important than ever before that people have the funds in place to support their lifestyle in retirement. It’s important that people seek financial advice when arranging their pension.”
I suppose one could say: if you don’t know, ask.
