Employees 'should be aware of pension situation'

Posted by Emily Swanson

It is vital for employees to take notice of what they are contributing to their pension pots, an expert has said.

Tom McPhail, head of pensions research at Hargreaves Lansdown, believes it is essential for individuals to avoid the temptation of ignoring such an important issue, as this will mean they are unaware of how much money they will have after retirement.

Earlier this month (November 18th), the Trades Union Congress indicated it is misleading of the government to suggest that its changes to public sector pension plans will not impact on low earners in this arena.

With this in mind, Mr McPhail went on to call on all professionals to make sure they keep track of their retirement savings situation - particularly in the present fragile economic climate following the recession.

"If your employer is offering you a pension contribution it almost invariably makes sense to take it. So don't opt out," he added.
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28/11/2011 13:41

News category: Employment

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