DCSIMG

Concerns for savers over Osborne’s pension changes

Only one in five Scots 'very comfortable' with taking charge of their retirement fund. Picture: PA

Only one in five Scots 'very comfortable' with taking charge of their retirement fund. Picture: PA

  • by Jeff Salway
 

One in three people in Scotland aged 55 or over admits to being uncomfortable with the idea of managing their own pension savings in retirement, according to a survey conducted following the Budget pension reforms.

Just one in five Scots in that age group feel “very comfortable” with the idea of taking charge of their own retirement pot, 36 per cent described themselves as “somewhat comfortable” and another 6 per cent weren’t sure.

The research, by MGM Advantage, looked into the risk that savers are willing to take with their own pension savings.

It was carried out after the Chancellor used the Budget to remove restrictions next year on access to pension pots from the age of 55.

But seven in ten people in that demographic said they would worry about running out of money if they had to manage their own savings, while two thirds also fear the consequences of poor investment choices.

Aston Goodey, of MGM Advantage, said: “With all the hubbub around the Budget, it is easy to forget people’s appetite for loss and attitude to risk.

“People approaching retirement will have to make some crucial decisions about how they can maximise the pension savings they have. With the welcome increased choice and flexibility comes more complexity.”

 

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