1. lack of understanding.

lack of understanding.

There seems to be a general lack of pension understanding…

29%

are unaware that their pension is invested

30%

are unaware that if they didn’t choose what their pension is invested in, it would automatically be done for them (default investment fund)

49%

are unaware of what their pension is invested in

38%

are unaware their pension has a choice of investment funds to choose from.

This increases to 44% for those approaching retirement (age 55+) which is concerning as their investment glide path may not be aligned with their planned method of generating income in retirement