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Pension engagement 'must improve'

The Government should do more to increase people's engagement with the concept of retirement saving, an expert has suggested.

Institute of Financial Planning chief executive officer Nick Cann said ministers need to make saving "more relevant and interesting" to the country's workforce.

He added: "People are clearly very nervous about committing to long term savings with no access to any of the capital that is being built up. Now is the opportunity to build greater flexibility and incentive into long term savings, to help people avoid financial disaster in retirement."

The expert's remarks follow the publication of new YouGov survey results, which indicate that only 29 per cent of people believe pensions are the best way for them to build up retirement savings.

Under a quarter of women said they are confident that pensions offer the best solution, while a figure of 36 per cent was recorded among male respondents.

Copyright © Press Association 2011

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