{"id":1418,"date":"2022-11-02T13:34:09","date_gmt":"2022-11-02T13:34:09","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/quilter\/?p=1418"},"modified":"2022-11-02T13:34:12","modified_gmt":"2022-11-02T13:34:12","slug":"pensions-update","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/quilter\/2022\/11\/02\/pensions-update\/","title":{"rendered":"Pensions update"},"content":{"rendered":"
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Recently\nreleased research1<\/sup> suggests UK consumers are becoming more\nknowledgeable about pensions and prepared to take a greater role in preparing\nfor retirement. Other research2<\/sup>, however, shows significant sums are\nstill sat in \u2018lost\u2019 pensions, while experts have warned about potential\npension-related problems as the cost-of-living crisis bites.<\/strong><\/p>\n<\/div>\n\n

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Pensions\nknowledge improving<\/strong><\/p>\n<\/div>\n\n

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A survey\nconducted by Link Group suggests bodies within the pensions industry have had\nsome success in building better public knowledge of pensions and the importance\nof retirement planning. The research found that almost four out of five\nconsumers \u2018understand\u2019 pensions, with 18 to 34-year-olds more likely to display\nhigher levels of knowledge than consumers in other age groups. In addition,\nnearly six out of ten respondents said they should take more responsibility for\nensuring they have a good retirement income.<\/p>\n<\/div>\n\n

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Time to\ntrace lost pensions?<\/strong><\/p>\n<\/div>\n\n

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Estimates\nsuggest there is currently over \u00a319bn sat in lost pension pots across the UK.\nThese are typically the result of people changing jobs and then not keeping\ntrack of contributions made with previous employers. The good news, however, is\nthat the government runs a free pension tracing service (www.gov.uk\/find-pension-contact-details<\/a>)\nto help employees track down their lost pensions. So, if you\u2019ve worked for a\nnumber of different employers down the years it might be worth checking to see\nif you can be reunited with a long-lost pension.<\/p>\n<\/div>\n\n

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Pensions\nwarnings<\/strong><\/p>\n<\/div>\n\n

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Experts are\nwarning the over-55s not to be tempted to raid their pension pots in response\nto the cost-of-living squeeze. There are fears that if people withdraw lump\nsums or start taking an income sooner than planned this will result in them\nhaving less income in the future. People are also being warned not to reduce\ntheir workplace pension contributions as a knee-jerk response to the\ncost-of-living crisis.<\/p>\n<\/div>\n\n

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1<\/sup>Link Group,\n2022<\/p>\n<\/div>\n\n

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2<\/sup>ABI, 2022<\/p>\n<\/div>\n\n

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It is important to take professional advice\nbefore making any decision relating to your personal finances. Information\nwithin this article is based on our current understanding and can be subject to\nchange without notice and the accuracy and completeness of the information\ncannot be guaranteed. It does not provide individual tailored investment advice\nand is for guidance only. Some rules may vary in different parts of the UK.<\/em><\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

Recently released research1 suggests UK consumers are becoming more knowledgeable about pensions and prepared to take a greater role in preparing for retirement. Other research2, however, shows significant sums are still sat in \u2018lost\u2019 pensions, while experts have warned about potential pension-related problems as the cost-of-living crisis bites. Pensions knowledge improving A survey conducted by […]<\/p>\n","protected":false},"author":12,"featured_media":1390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,77,78],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1418"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/comments?post=1418"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1418\/revisions"}],"predecessor-version":[{"id":1419,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/posts\/1418\/revisions\/1419"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media\/1390"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/media?parent=1418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/categories?post=1418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/tags?post=1418"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/quilter\/wp-json\/wp\/v2\/hd_content_source?post=1418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}