Trust is an issue in the pensions calculator sector, says Informed Choice

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www.moneynews.co.uk > Pensions calculator > Trust is an issue in the pensions calculator sector, says Informed Choice

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Trust is an issue in the pensions calculator sector, says Informed Choice

Informed Choice has revealed that an issue the pensions industry must overcome is a lack of trust.

Chartered financial planner at the company Martin Bamford suggested the problem has come about due to misunderstandings between consumers and the providers of retirement savings products.

He explained that trust has become an obstacle mainly because the public is not aware of the different kinds of pensions on the market.

"People tend to lump pensions in as one thing, when in fact there are lots of different types of vehicles that are all called pensions," said Mr Bamford.

The Informed Choice representative claimed the problems that have arisen in the sector have not applied to all retirement savings strategies, yet trust is an issue across the board.

Recent research by Aviva showed there is a lack of knowledge among workers regarding long-term savings, with 60 per cent of people polled unaware that they can combine pension pots.

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