Presenting estimates of how much money people could expect to retire on will encourage them to stop burying their heads in the sand, says the Department for Work and Pensions.
According to a report on Combined Pensions Forecast (CPF) issued by the DWP, many scheme members have - as a result of knowing what kind of pension they can expect - taken some kind of action to change their financial situation. Others who have not yet done so, the DWP says, are at least considering going down that route, including discussing their finances with a professional adviser. This is because a majority of people receiving CPFs say it has prompted them to consider whether or not to save more for retirement, the DWP says. Nevertheless, it has still not resulted in a signif...
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