A new survey casts more damning evidence on the current issue of a lack of pensions literacy among UK individuals, as 80% of personal pension holders are oblivious to the ‘basic facts' of their policies.
Research, by way of a “pensions literacy” test, conducted by life & pensions outsourcing services provider Liberata Financial Services, finds eight in ten people failed two-thirds of the questions, with as many as 60% of 500 individuals unable to answer a single question. Providing an example of lack in basic facts, Liberata points out 73% of respondents do not know the upper limit on their yearly contribution, while 75% are not aware of the penalty for halting contributions to their pension fund. A further eight in ten people do not know what charges they would incur if they changed...
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