Autumn statement- greater pension education needed

Director at Secondsight, Ian Bird responded to yesterday’s Autumn Statement and the changes announced to pensions.

The weekly basic state pension will rise by £3.35 and taking the flat rate state pension to £119.30 from April – the biggest increase in pension payments in 15 years. For new pensioners, there will be a single-tier pension payment of £155.65 from next year.

Whilst we welcome these measures there have been phenomenal changes in the complex pensions landscape over the past few years, including auto-enrolment and Pensions Freedom. Many people have superficial knowledge about these issues, they are uncertain about their options and in many cases, what income they can expect when they retire.

There is a greater need for good financial advice and financial education both in schools and in the workplace.

Read the article in full, featured on HR Director website.