Hargreaves Lansdown encourages young people to use pensions calculator

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Hargreaves Lansdown encourages young people to use pensions calculator

Wed 10th Nov 2010

It is important that people do not wait until they are over 40 years of age before they begin thinking about their pension provisions, according to an expert from Hargreaves Lansdown.

Tom McPhail, head of pensions research at the investment management company, suggested anyone who has left their retirement planning until after this time has created "significant problems" for themselves.

In his opinion, pensions providers must try to engage with consumers and urge them to take an interest in how their long-term savings strategies are performing.

"The government's plans for auto-enrolment, which will commence in 2012, will help to focus people's attention on the importance of retirement planning," Mr McPhail said.

Mr McPhail suggested companies should use this as a starting point to interact with workers about how they intend to fund their pensions.

His comments were made following the release of research by Prudential showing less than half of UK couples aged 40 and over have had a serious discussion about their retirement savings strategies.

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