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Two million savers do not know who provides their pension, says Lincoln

Two million UK savers do not know which provider their pension is with or where their money is being invested, research from Lincoln Financial Group has revealed.

Forty-eight per cent of pension holders say that they rarely review their pension options once invested.

Lincoln head of products and marketing Simon O’Connor says: “With people not taking the time to review their pension options, it not surprising that the majority are still unaware of the Open Market Option and so fail to shop around to get the best annuity for them on retirement.

“More needs to be done by the Government and the industry to ensure consumers are aware of their annuity options and make sure they get the best retirement product for their circumstances.”


Second financial planning week

The Institute of Financial Planning is holding its second annual Financial Planning Week to raise consumer awareness. It will run from September 7 to 13.


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