When transferring into a personal pension may make sense
Following the 8.5% rise in the annual State Pension from 6 April, the redirection of this enhanced income into private pension savings could make sense under certain conditions. The idea of investing one’s State Pension into a personal or Self-Invested Personal Pension (SIPP) might seem at odds with conventional wisdom.
Prevailing concern among savers regarding their capability to make informed investment decisions
A comprehensive survey has unveiled a complex picture of how savers perceive their pension investments. Despite a high level of awareness, with 82% of pension savers acknowledging that their pensions are invested, a mere 26% possess knowledge about the specifics of these investments[1]. This gap in understanding presents a unique insight into the current attitudes towards pension investment among savers.
Complex landscape of employee preferences, confidence and skills
Recent developments have seen the government introduce a Lifetime Provider model for workplace pensions, a move that has sparked considerable interest and debate. Findings from a recent survey reveal a striking preference among employees for their employers to take the lead in selecting their workplace pension provider.
Many regret not having commenced their savings journey earlier in their careers
UK retirees are encountering significantly smaller pension pots than they had anticipated, with a considerable number expressing regret over not having commenced their savings journey earlier in their careers.
Diverse avenues through which individuals plan to supplement their retirement income
Recent research reveals that a significant proportion of individuals over 50 years old anticipate relying on secure income sources, such as Defined Benefit (DB) pensions, for their retirement funding[1].
