Have you checked your retirement funds?

8 March 2016

pensions George Osborne's pension raid may be getting squashed, but that's not to say that there aren't more problems with over-50's retirement funds.

Around of fifth of people over 50 years old who are currently employed, have never checked to see how much money they have in their pension pot. Another 21% said that they wouldn't even know where to find such information, even if they wanted to.

This is according to the folks at Which!!!, who are asking the government to be more helpful with regards to giving out information on people's pensions. They'd like a 'pensions dashboard', so you can get all your pension information in one place.

Instead of the current system, which isn't great, everyone should be able to get a simple-to-understand statement, which shows how much money they've saved, or what type of pension they have.

Richard Lloyd, executive director of Which!!!, says: "Deciding on a retirement income is one of the most complex financial decisions people face, but it can be difficult to find how much money you have built up over your working life."

"A pensions and savings dashboard would go a long way to providing people with a complete picture of their retirement fund and, in turn, help them make the right choices. We are calling on the Government to use the Budget to push ahead with this idea and help people to secure better retirement income."

Last year, the Financial Conduct Authority said that they were going to work with the Government to set-up a pensions dashboard, but there's not much in the way of details on that.

The government have some advice if you want to check how much you have for your retirement, which you can look at here.

What do you think?

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