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Occupational therapy needed

Fewer than one in five members of occupational pension schemes are aware of the level of fund they will need to support them in retirement.

Research by JP Morgan Asset Management found that 82 per cent of workplace pension scheme holders are not aware that at current annuity rates, an average 65-year-old would need a fund of 250,000 to buy an income of 15,000.

This lack of awareness is underlined by the fact that 24 per cent do not know whether their pension scheme is defined benefit or defined contribution.

Twenty per cent of people in defined-benefit schemes say they have never reviewed their choice of investments or level of contribution.

The survey was carried out by ICM research and covered 795 holders of workplace pension schemes.

JPMAM head of DC investment services Karen Robert- son says: “As more and more organisations shift to money-purchase type schemes, where the onus is on the individual rather than the employer to monitor their pension fund, provision of a pension in the workplace needs to be supported by proper education.”

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