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&#39One in four has no idea when to start a pension&#39

Nearly one in four Britons has no idea when they should start investing money in a pension while 11 per cent think it is not worth taking one out, new research shows.

The biggest age groups to reject pensions were those in their 20s and 50s, with both groups representing 20 per cent of those who saw pensions as worthless, according to research from European stockbroker Comdirect.

The survey shows that life changes and changes in outgoings are considered to be the time to set up a pension, with 17 per cent saying they would start a pension after marriage, 12 per cent when they buy their first home and 12 per cent when they have finished paying student debts.

Eleven per cent said they would set up a pension after they started a family.

Comdirect chief executive John Glendinning says: “It is alarming that so many people are unaware as to when they should be starting a pension. While the news has been full of scare stories of poverty in old age, many people have been missing the message that pensions would fare best if we all start making contributions as early as possible.

“Of more concern is the 11 per cent of the population who do not see the point of taking out a pension at all. While some may be independently wealthy, it is more than likely that a fair proportion has been disheartened by various pension scandals.

“Whatever the reason, it is vital that investors appreciate the need to make provision for their retirement before they find themselves sleepwalking into old-age poverty.”


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By Rob Burnett, Neptune European Opportunities Fund

In recent months, investors have become more pessimistic about both the European and the US economic outlook and yet stockmarkets have pushed on to new highs. Some would argue that this is a worrying divergence. We would take the opposite view. This appears to be classic bull market behaviour. A wall of worry has been rebuilt, and stockmarket resilience should be taken as a sign of strength. The market is discounting an improving economic outlook ahead, particularly in the south of Europe.


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