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Trust in the pensions industry is falling


TD Direct Investing has found that 46% of people do not feel like they have had enough guidance to decide what to do with their pensions following the upcoming pension freedoms.

The survey found that 46% of people do not believe that they have been given enough guidance to make the best decision regarding their pensions, and 48% of people say they no longer have trust in the industry.

The survey also showed that two out of five people plan to withdraw all or part of their pension when the reforms are in place, despite a lack of understanding. People are mainly looking to invest in property, with 50% of people confident that a property will support them in later life.

The older generation appear readier to take advantage of the new pension changes with 19% of people claiming that they would at least consider withdrawing over 70% of their pension, whilst only 8% of 30-44 year olds intend to do the same.

Carl Howard, Commercial Director at TD Direct Investing, said:
“Ultimately, the pension reforms will benefit the UK’s savers as it gives them more freedom over their finances and more choice. As an industry, we have a responsibility to pension holders to provide them with the necessary information and the right support to help them make their decisions. However, at the end of the day, we have to respect that the choice lies with them.”

If you are confused about the pension reforms, you can read our blog which explains the basics here

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