Nearly 40% of defined contribution scheme members are losing an estimated £225m from their pension pots by failing to take advantage of matching contributions from employers.
Research from Xafinity Consulting shows pension scheme members – particularly younger people – are failing to take advantage of what is essentially free money in their pension, leading the firm to question the level of financial education available. Xafinity points out the low take-up of maximum matching contributions indicates a degree of financial ignorance, however it points out it could also be attributed to low disposable income, particularly among younger people where the repayment of student debt means their outgoings are higher than their outgoings. The firm says well-designed, ...
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