Savers care greatly about building up retirement income but feel ‘disconnected' from the current pensions system and need greater support from providers, research has found.
The study from the National Employment Savings Trust (NEST) said ‘historic disengagement should not be interpreted as indifference' and providers needed to give better, more practical information. Improving consumer confidence in saving for retirement investigated the current defined contribution (DC) pension market and compared it to consumer expectations. NEST said a ‘gulf' between the two existed. Key findings included that consumers were ‘shocked' to discover their pension outcome was not guaranteed; people did not understand the differences between products, or the reason for the...
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