Confidence and trust in pensions
Auto-enrolment’s success, as well as charge caps and other costs controls, have given pensions a much needed confidence boost as we’ve seen a gradual improvement in the reputation of pensions among the general public. But more still needs to be done.
Ian Bird, business development director at Secondsight shares his thoughts, as he believes that pensions are viewed more positively than compared to 10, or even five, years ago. He also believes that the 0.75 per cent administration and investment charge cap and 1 per cent limit on exit penalties have played a significant role in this improvement. “You originally had very expensive personal pensions and some horrific penalties built into older pensions,” Bird says. “Hopefully the realisation by most people that most pensions are penalty-free has helped the industry quite a lot.”