Saga: People intimidated by pension planning

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Saga: People intimidated by pension planning

Fri 4th Dec 2009

People are intimidated by the prospect of planning for their pensions, according to one industry commentator.

Ali Crossley, chief operating officer of Saga Personal Finance, said that it is a "very good idea" to shop around for the best deal possible when thinking about retirement.

She explained that this is because there are many deals available on the market and it is likely that people will be able to secure a higher income if they compare different offerings, rather than just accepting the first quote they are given.

In terms of the reasoning behind people not shopping around for the best annuity deal, Ms Crossley said: "People tend to be quite intimidated by the whole area of pension planning and annuities. It is quite a specialist area, and people don't necessarily like to admit that they don't know much about it."

Figures from Saga show that the average pension pot in the UK stands at £40,000.

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