The start of the UK’s auto-enrolment scheme has recently been the focus of much attention, leaving people who already save for a pension out of the spotlight. However, new research from professional advice search site Unbiased.co.uk reveals that many people lack knowledge about their pensions.
In fact, the research suggests that people need professional advice on pension planning because three in five women who save up for retirement say they have no idea of what the value of their pension pot is. Looking separately at people who never use professional pensions advice and those who have consulted on their plans, we can see a significant difference in awareness - while 51% of the former did not know how much they have in their pot, just over a quarter of the latter were unable to cite the sum.
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