Employees are expecting to take more personal responsibility for their pensions over the coming years as the recession puts significant dents in many peoples’ retirement plans, according to research by Towers Watson.
But less than four in 10 say they feel comfortable managing this responsibility. The research found that 21 per cent of private sector employees believe recent economic events mean they will have to work longer before they can afford to retire.
“Most employees are aware that responsibility for managing their career and finances lies with themselves and they also recognise that, especially for pension planning – the shift towards personal responsibility is ongoing.” says Paul Macro, a senior consultant at Towers Watson.
“However, many employees do not feel comfortable managing the provision of their retirement income needs.”