Prudential retirement calculator research 'startling'

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Prudential retirement calculator research 'startling'

Thu 23rd Dec 2010

A study by Prudential into consumer behaviour relating to their pensions has produced some "startling" statistics, according to the firm.

The company revealed 31 per cent of people who retired in 2010 overestimated how much they would receive from the state, with 18 per cent of retirees reliant on such payments to fund their lives after finishing work.

It went on to highlight how 81 per cent of workers failed to see an independent financial advisor before drawing their pension, while 35 per cent of consumers chose to rely on the advice of friends or family.

Prudential noted that 2010 has seen plenty of changes in the pensions sector and the coming year is likely to see further important alterations to legislation.

"A major overhaul to the UK pensions system will see changes on the way for public sector pensions, the calculation of pension inflation and the removal of compulsory annuitisation," stated the organisation.

This month, the firm's deputy chief executive Barry O'Dwyer applauded the government for its efforts to modernise long-term savings in the country.

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