One in five consumers does not know if they would remain in personal accounts, according to research by Legal & General.
The provider says the figure suggests the Government must step up its personal accounts education to ensure people make informed decisions when the scheme comes into force in 2012.
Adrian Boulding, wealth policy director at Legal & General, says: “There clearly is an appetite for the scheme but also a need for an ongoing education programme – a lot of people answered ‘don’t know’ to questions. The Government still has a job to do in informing people as to how personal accounts work and how they will benefit individuals.
“Companies are gearing up for 2012, the benefits of the scheme need to be communicated now if individuals are to be in the best position to make informed choices.”
The research shows almost half of people would remain in personal accounts while a third would opt out.
Young adults seem the most enthusiastic about the scheme as 54% of 16 to 24 year-olds would remain in personal accounts. Legal & General says the figure reflects a generation and income group that has not typically seen pensions as a priority.
Just 10% of 55 to 64 year-olds would stay in the scheme.
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