Lack of support from providers blamed for pension woes - research

Majority of savers lack pension confidence

Hope William-Smith
clock • 1 min read

Providers play a major part in savers’ lack of confidence in pensions and retirement prospects, in particular their failure to provide support, PensionBee research shows.

Only 39% of respondents surveyed by the online pension provider felt confident about their retirement savings, while 42% said they were put off engaging with their pensions because of the complexities involved. PensionBee said almost half of survey respondents were not saving enough for retirement and felt their providers should be doing more to assist them.  Complex jargon, oversupply of various pension products, and complicated fees are often cited as causing inertia among consumers, it added. "We've seen first-hand that consumers feel more confident about saving for retirement w...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

What role can advisers play in closing the gender pension gap?

What role can advisers play in closing the gender pension gap?

Advisers are uniquely placed to influence the gender pension gap

Olivia Perry
clock 02 July 2025 • 7 min read
TPR cross-sector working group initiative to 'bring pensions into the digital age'

TPR cross-sector working group initiative to 'bring pensions into the digital age'

Regulator intends it to be a ‘pivotal force’ in shaping the future of pensions

Holly Roach
clock 02 July 2025 • 3 min read
Why the real problems of the pensions dashboard are yet to start

Why the real problems of the pensions dashboard are yet to start

'Its aims seem not only less relevant but potentially problematic'

James Floyd
clock 23 June 2025 • 5 min read