Workers urged to focus on pensions

Retirement incomes will not be sufficient for people who fail to take the time to understand their pension provisions properly. People need to place a greater emphasis on getting to grips with their pension schemes. Workers who don't understand how their pension and Annuity decisions will affect their retirement could end up losing up to half of their pension income unintentionally, according to an advice group. A greater number of people are being forced into using their pension pots to purchase an Annuity after they stop working as more companies veer away from final salary schemes towards defined contribution schemes. However, pension advice organisation Retirement Angels is warning that many people do not realise the importance of buying the right Annuity.