How confident are you about your pension knowledge?
There is a lack of knowledge surrounding pensions among women, which is leading to decreased confidence in making choices, according to the 2013-14 Pensions Advisory Service’s “Women & Pensions” survey.
The survey, which was the third of its kind run by the Pensions Advisory Service, covered a variety of topics to find out how women feel about saving for retirement. This edition was particularly important as it comes at a time of great change for the pensions industry, as auto enrolment is rolled out to more and more businesses.
The report highlighted the following key issues in the survey:
- Only 71% of respondents were not confident about making decisions when saving for retirement
- Almost half of the women surveyed didn’t know where to go for information on their pension
- Only 26% of women surveyed knew how much they would get in their state pension
- 76% of respondents didn’t think they would receive an adequate income in retirement, but 54% had made no changes to their retirement plans. 27% expected to work longer and 5% were seeking work or planning to change jobs in order to save for longer
- There is confusing surrounding pensions when relationships end through death, divorce and breakdown
The full 2013-14 Women & Pensions survey can be downloaded on the Pensions Advisory Service’s website.
Educating yourself on any major legislative change is a vital step in ensuring you are prepared. If you are unsure about auto enrolment, why not book onto an IRIS Understanding Automatic Enrolment training seminar?