UK pensions industry is ‘not trusted’
MANY people still mistrust the pensions industry, according to a report which found a strong appetite among workers for their money to be saved ethically.
Nearly three-quarters (73 per cent) of people think it is important their pension scheme considers the environment, society and corporate behaviour when investing their money, a survey of members of workplace pension scheme Nest found.
But levels of trust in pensions are low and seem unchanging, according to its report.
Nest also carried out a separate survey of working people who are eligible for automatic enrolment into workplace pensions.
That survey found that a quarter of people say they do not trust pension companies, “showing little improvement over the last four years”.
More than a third (37 per cent) of people say they now consider the quality of their employer’s pension when deciding where to work.
Diandra Soobiah, head of responsible investment at Nest, said: “The green shoots of a strong pension saving culture are beginning to show in the UK, but people still mistrust the pensions industry. Investing thoughtfully and responsibly could clearly go a long way to building the trust and confidence still needed to help that culture flourish.”