60% of people who are about to retire have no idea how to turn the value of their pension plan into income.
This is incredibly worrying but by no means surprising.
Ignorance of pension rules is completely understandable.
Governments of all political persuasions have spent literally decades turning what should be a quite simple exercise into a most complex mess.
None of our Politicians are capable of leaving well alone.
Each and every year they tinker with the tax and benefit rules and make it nigh on impossible for the average Joe to understand what they need to do.
LV= have identified that more than half of pension plan owners don’t even know that they are unlikely to get the best retirement deal from the provider of their plan.
They fail to shop around and end up with an inferior income in retirement.
This is one of the reasons why we have written A Guide to the Retirement Choices & Options Maze because we believe that everyone should be aware of their choices at retirement.
Ignorance is not bliss when it comes to these important choices.
A Guide to the Retirement Choices & Options Maze
