UK Money News
3rd January 2008
Employees 'cannot afford to avoid pension schemes'
It is important that workers throughout the UK sign up to available pension schemes to ensure that they have sufficient help with money in their retirement, it has been claimed.
The Pensions Advisory Service states that their should be more effort to make workers understand that they cannot afford to ignore such schemes, as without them they are likely to experience trouble with debt or other financial hardship as they get older.
Des Hamilton, technical director for The Pensions Advisory Service, said: "There is almost a mental block from many people when it comes to engaging, they find the language strange and alien and the decisions they have to make, very difficult."
He added that in his experience as a pensions advisor it was when companies were given "free rein" to promote pension schemes that take-up among their staff increased.
According to figures from the BBC, in 2005 less than four in ten people of working age in the UK were planning hep with money for retirement through a company or private pension scheme.
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