Pension understanding 'has become harder for Brits'

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Pension understanding 'has become harder for Brits'

Thu 3rd Nov 2011

People across the UK have found it more difficult to understand pension schemes in recent years.

Jason Ashman, chartered financial planner at Chatfield Private Client Limited, said it can be extremely frustrating for savers when they enter into an agreement that they expect to see healthy returns from but this does not materialise.

He claimed that because they did not fully understand the complexities of the product at the outset, the reality of returns can be very different to their expectations.

Mr Ashman commented: "People end up saving into these things for years on end and actually don't seem to derive much value from them."

According to Keith Churchouse, director of Churchouse Financial Planning, Brits should not be put off from saving however, as any form of retirement nest egg is a good thing to have.

He noted it is prudent for people to always maintain savings of between three and six months' worth of income, in order to be prepared for any eventuality that life can throw at them.

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