People 'should take control' of their retirement fund

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People 'should take control' of their retirement fund

Tue 1st Dec 2009

It is people's personal responsibility to take charge of their retirement funding, it has been warned.

Workplace team technical advisor at the Pensions Advisory Service Jason Collis said that, despite the fact that consumers are now living to an older age, it is still difficult to persuade people to begin putting money aside for when they finish work.

However, he urged workers not to rely on their employer to "look after them" when they retire and pointed out that, unlike in the past, people often do not remain in the same job for their whole career.

"What is going to happen in the future is that people will have to take more personal charge [of their pensions] especially as people tend not to work for one employer for the whole of their working life," he said.

Recent figures from the Chartered Institute of Personal Development showed that while people admitted to being concerned about how they will fund their living costs once they leave work, only 55 per cent were part of a workplace retirement scheme.

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