Often, they take an income from their current pension provider without shopping around for the best product, or without being aware of how their savings are being invested.
Based on this research, the FCA introduced measures for personal pensions, aimed at supporting people to get the most out of their pension savings and the DWP said it wants to achieve similar and hopefully even better outcomes for people saving into occupational pensions.
It said those saving into these pensions should also have access to support that allows them to make informed decisions and achieve what they want from their pensions.
This is wholeheartedly supported and welcomed as there is an urgent need, now more than ever, to provide guidance and support on pensions.
sonia.rach@ft.com
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