Pensions are "not very real" to people

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Pensions are "not very real" to people

Fri 25th Sep 2009

People do not see their pensions as real, because it is a form of saving where the benefits are not reaped for a long time, according to an industry expert.

Anna Sofat, director of ADDIDI Wealth, stated that she is not surprised by statistics released by Barings Asset Management this week, which indicated that 48 per cent of UK workers have never reviewed their pension plan.

She noted that many pension schemes do not even have an annual statement, so it can be very easy for people to forget about them.

However Ms Sofat noted that savers would never forget about money that they had put in their bank, so the same should go for their pension savings.

"Effectively because they are not going to take benefit from it for a very long time so the pension is not very real to them," she explained.

Ms Sofat pointed out that there are still a minority of clients who do have ongoing relationship with their pensions advisor, but that most people do not.

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