Consumers should double-check pension calculator, claims Scottish Widows

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Consumers should double-check pension calculator, claims Scottish Widows

Scottish Widows has urged people to take a close look at their retirement savings strategy to ensure they are going to have enough money when they stop working.

Head of marketing communications Ann Flynn described it as "worrying" that people assume their current pension arrangement with their place of work will be sufficient.

In her opinion, it would be sensible for consumers to investigate how much they will receive when they reach retirement.

Research by Scottish Widows showed that 42 per cent of Brits on a defined-contribution scheme could not be sure how much their bosses put into their pension pot.

"It is clear that many people are still incredibly reliant on their employers and still believe that their defined-benefit scheme will provide them with enough money," remarked Ms Flynn.

Last month, the organisation highlighted how there is an emotional impact to be dealt with by pensioners as they stop working and adapt to retirement.

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