FT Adviser (19/07/2019) – Most people who are about twenty years away from retirement lack knowledge about pensions accounts, according to IFS Wealth and Pensions’ Alan Chan.
The director and chartered financial planner at IFS Wealth and Pensions warned that lack of knowledge on pensions accounts is a factor that is dissuading clients from saving into accounts.
Mr Chan said: “People do not realise that pensions accounts are not set in stone. Once they have built a sizeable fund they can transfer to another account.”
He added that most people who are in that age bracket tend to put off financial planning for other priorities such as buying a home.
“They often put it off planning to next year, that very quickly becomes five years and later ten years,” he said.
Full article link: https://www.ftadviser.com/retirement-income/2019/07/19/lack-of-knowledge-on-pensions-accounts-deterring-retirement-savings/
