UK pen­sions in­dus­try is ‘not trusted’

Birmingham Post - - PERSONAL FINANCE -

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.”

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