Yet another predictable survey came out recently – this time indicating that a third of those aged 50 or over expect to work part-time to top up retirement income (FA, 21 July).
Over my 40 years in the pensions industry, I have seen lots of changes – contracting out, final salary schemes that have sadly been unsustainable, state pension schemes that have constantly changed (rarely for the better), so-called simplification (no comment), pension freedoms and, more recently, National Employment Savings Trust (Nest), auto-enrolment and the looming Lifetime Isas.
But the truth of the matter is that I am not sure whether, as a society, we are culturally ready and committed to start making sufficient provision early enough.
Perhaps the solution is to introduce pension education at school level. Children are getting quite savvy from an early age about mortgages, but struggle to relate to something happening in 50 years time. I think it is our responsibility as parents and grandparents to change that.
Michael Lindsey
Financial services examination writer, Leighton Buzzard
Bedfordshire
