New research by Censuswide, on behalf of the Money and Pensions Service, shows that 88% of members of Generation X, equating to around 12.3 million people, have not calculated how much income they are likely to need in retirement.
A new survey has highlighted the concerns of the so-called Generation X – those born between 1965 and 1980 – over whether they will have enough income in retirement.
The Financial Conduct Authority has said a great deal in recent months and years about unsuitable pension transfer advice. Its latest communication on the subject, however, addresses the subject of how to calculate redress when it is identified that the transfer was suitable.
Research by the Centre for Economics and Business Research, in partnership with equity release provider More2Life, has indicated that the pandemic has widened the UK’s gender pension gap, especially amongst the over 55s who are due to retire in the near future.
Research suggests many different factors are impacting on consumers’ efforts to accumulate sufficient pension savings.
The Association of British Insurers has published a report entitled Future Proofing The Freedoms: Supporting Customer Decisions About Pension Withdrawals. The report indicates widespread concern amongst pension providers about the ways consumers are choosing to access their pension savings. Furthermore, large numbers of people are making decisions on how to access their pots without receiving professional advice, or even consulting the Pension Wise guidance service.
The Pensions Policy Institute has produced a report entitled ‘What is an adequate retirement income?’. It serves to complement other recent studies which have all suggested that a substantial portion of the UK population is likely to struggle to maintain their desired standard of living in retirement.
The Financial Ombudsman Service’s annual complaints data for the 2020/21 financial year show that the organisation received 278,033 new complaints during the 12 months to March 31 2021. This represents an increase of just 2% compared to 2019/20, but this doesn’t tell the full story, as payment protection insurance complaints have fallen by almost two-thirds, from 122,153 to 42,040.
Additional research highlights the pension gender pay gap, and also how many savers don’t engage with their pension
New research by Legal & General has highlighted the gender gaps that still exist when it comes to pension provision.
Research by pension switching advisory firm Profile Pensions shows that, in some areas of the UK, the ‘gender pension gap’ could be as high as 50%. The gender pension gap is defined as the difference between the level of pension income that can be expected by men and women.