Less than a third of 40-70 year-olds have spoken to someone about the upcoming pension reforms, according to research by Partnership.
The survey reveals that 31% of retirement savers aged between 40 and 70 have spoken to someone about their plans following the introduction of new pension freedoms in April 2015. The figure rises slightly to 33% of 61-70 year olds and 37% for those between 56 and 60.
The people who have spoken to someone are more likely to spoken to their partner than a professional adviser:
- 44% have spoken to their spouse
- 16% have asked their pension provider questions
- 16% have gone to an independent financial adviser.
While more than half (54%) said they are interested in the changes, the survey highlights a lack of engagement among many people. Of the 1,600 people surveyed:
- 18% said that they have other priorities
- 10% have a company pension scheme and don’t think the reforms are relevant
- 8% said they weren’t interested in pensions.
Andrew Megson, managing director of retirement at Partnership, said:
“Taking the time to read up on the changes, speak to your provider, review your existing arrangements and contact an adviser will pay off in the long run.
“Even if you make no real changes, you can be secure in the knowledge that your retirement choices are the best possible ones for your situation.”
Contact us to discuss what the pension reforms mean for your retirement savings.
