Research carried out ahead of Pensions Awareness Week 2023 reveals significant numbers of people planning retirement are taking matters into their own hands.
Almost half of all people planning for their retirement do so without getting professional advice, according to a new survey.
Despite the complexities involved in choosing a suitable pension plan, some 45% solely do their own research before taking one out. And of these, 39% are not maximising the tax relief they are entitled to for their pensions contributions.
“More than ever, people in Ireland are taking matters into their own hands to plan their retirement income”
This is according to a survey carried out by Moneycube.ie ahead of Pensions Awareness Week 2023 (PAW23), which is taking place from today (26 September) to the end of the week and includes New Ireland Assurance among its lead partners.
Confusion about pensions
The survey also found that one in four – or 25% – do not have a current pension plan. When asked if they were happy with their financial adviser, 62% said they were either not getting advice or think there is room for improvement in the advice they are getting.
One third of people who do have financial advisors do not know what fees they are paying, with estimates ranging from zero to 30%!
“More than ever, people in Ireland are taking matters into their own hands to plan their retirement income,” said Feargal McKenna, founder of Pensions Awareness Week and head of Corporate at Moneycube.
“But if savers are to make good decisions about their financial future, they need high-quality information at their fingertips – and access to advice at key junctures in their financial lives. That’s why Pensions Awareness Week brings together industry experts, leading businesses and financial wellbeing organisations to create a conversation around pensions each September. Our aim is to help people and businesses make informed decisions from the earliest stages of planning for retirement.
“There’s plenty for us to talk about: for example widespread confusion around pensions – from costs, to performance, to regulations. The planned introduction by government of auto-enrolment for pensions is going to put huge pressure on HR and finance functions within SMEs, yet our survey reveals that 19%of companies do not know if auto-enrolment will affect them. We’d encourage anyone interested in their financial future to engage in the Pensions Awareness Week conversation, get the facts around their own situation, and seek expert advice where it counts,” McKenna added.
The full list of sessions for Pensions Awareness Week 2023 are:
- Starting a Pension for Business Owners & Company Directors, hosted by Liz Dwyer and featuring Olive Ryan, Moneycube.ie; Ger Tyrrell, Zurich Life and Susan Wylie, PKF. Tuesday, September 26th at 1pm.
- Keeping Your Pensions on Track, hosted by Gráinne Seoige and featuring Stephen Grissing, Davy; Mark Reilly, Royal London Ireland and Ralph Benson, Moneycube.ie. Wednesday, September 27th at 1pm.
- Approaching Retirement, hosted by Gráinne Seoige and featuring Paul Kenny, KPC; Declan Allen of Allen Retirement & Finance, Alan McCarthy, Standard Life; Kelly-Anne Quinn, LIA. Thursday, September 28th at 1pm.
- Rediscovering Yourself in Your Second Life, hosted by Ryan Tubridy and featuring Standard Life’s Brian Mooney. Thursday, September 28th at 2pm.
- Company Pensions for SMEs, hosted by Ryan Tubridy and featuring Rachel Nolan, Boots Ireland; Neville Maxwell and Claire Parsons, New Ireland; Jerry Moriarty, Irish Association of Pension Funds; Feargal McKenna, Moneycube.ie and Estelle Davis, Brightwater. Friday, September 29th at 1pm.