Richard

Richard Smith has clipped this showing who understands pensions and who doesn’t. It’s produced by the people who are building the pension dashboard and boy/girl, they’re thorough.

Here’s Richard explaining and including a link to Kate Shiner’s work. The chart above shows that the only people who “get” pensions as “pots” have come to be known are best in everything financial. This is right down to gender , ethnicity and health.

Surely if we count on fairness , we should think of making things easier for everyone so we get a levelling up from those in the pink section of MaPS’ chart?

I don’t want to bore but we need to say it again and again. The people who “get” pensions are now retired or retiring.

There is a generation behind who don’t get pensions but are told they do! It is time that we spelt out what an income in retirement, that keeps up with inflation, costs!

The cost of this pension comes out of our pots and if we buy anything less an an inflation linked pot, we must reckon on the consequences in years to come.

We can’t go on complaining about losing the triple lock on state pension increases when we don’t get any pension from our pot! Either we forsake pensions and drawdown (perfectly fine put taking our chances) or we swap pot for some kind of regular income. There is nothing about the pension dashboard that isn’t “pension”.