Churchouse Financial Planning calls for more interest in pensions calculator

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Churchouse Financial Planning calls for more interest in pensions calculator

Consumers are not focused enough on building up their pensions over the course of their lifetimes, a source from Churchouse Financial Planning has suggested.

Keith Churchouse, director at the independent financial advice firm, claimed many people believe it is something they should begin thinking about when they are over 50.

In addition, he noted that there is a widely held belief that the government will provide for individuals when they retire.

But Mr Churchouse dismissed both of these factors, saying that the UK public in general does not put aside enough cash to ensure a comfortable life after their working life ends.

"It is also apathy. Sadly, the pensions industry has seen many bad news stories over recent years and a lot of people have shied away from them," the expert added.

He accepted that individuals who have moved around several jobs may not have had the chance to sign up for occupational pensions, since there is often a probationary period during which they cannot do so.

However, the Churchouse Financial Planning spokesperson predicted this sort of issue should hopefully be solved by the National Employer Savings Trust.

Mr Churchouse explained that it will allow people to build up a pension in their own name, rather than needing to rely on one offered by their place of work.

In his opinion, this should mean savers enjoy greater benefit from their retirement strategies.

These comments were made in response to research by Aviva indicating that some people are failing to hold on to details of pension pots from previous jobs and losing track of them.

Mr Churchouse urged such consumers to use the Pension Tracing Service to find the missing savings.

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