Pension savers need to engage with their retirement options far earlier than is currently normal to ensure they save enough through their lifetime, according to a report from the Association of British Insurers (ABI).
The report outlines a five-point plan to boost engagement with pensions, including the idea of a mid-life financial MOT. The ABI said the report was fuelled by the fact that more than half of fully withdrawn pension pots are not spent but moved into other savings and investments which result in people paying too much tax and missing out on compound investment growth. The ABI's five-point plan has been designed to help savers understand their options, identify retirement goals and communicate how to achieve them. Five interventions Tailored and phased customer communications thr...
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