Culture of apathy exists in UK pension system, says expert

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Culture of apathy exists in UK pension system, says expert

Wed 2nd Jun 2010

Savers are apathetic towards pensions in the UK, according to a sector analyst, who suggested the systems employed by other countries are more flexible.

Keith Churchouse, director of Churchouse Financial Planning, highlighted the infrastructure in the US and Germany as being more flexible than the UK method.

In his opinion, all the bad press pensions have received in Britain adds to the problem, since customers are just deciding to walk away rather than find a solution to the situation.

"[It] has seen so many changes and also so much negative press, with the demise of various companies, the falling annuity rates, the reductions in the values, the higher charges et cetera," explained Mr Churchouse.

He suggested products could be made more attractive if people had to purchase an annuity when they reach 75 years old.

These comments were made after the publication of the Aon Consulting European Employee Benefits Benchmark survey found that 12 per cent of workers in the UK take an active interest in their pensions.

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