Why Northern Ireland Has Such a Bleak Outlook on the Future of Pensions

Financial security and retirement is a shaky topic for most, and perhaps it comes as no surprise that so many of us have concerns about the future. But what happens when those concerns are major, and on a huge scale concerning more than half the population? Data revealed by Expert Pension Claims has unveiled some damning truths about the UK’s true feelings on pensions and the future – and Northern Ireland is by far the highest to have such a bleak outlook on the future.

According to the data, which was released by Censuswide in 2019, more than half of Northern Ireland believes that they won’t have enough money to last through retirement. A total of 55.6% of the population admits to having this fear, compared with a quarter of the UK as a whole.

Figures show that 33.60% of Northern Ireland believe they will die before they can draw their pension – again the highest out of all UK areas. This was followed by the North East in second place (31.50%) and the West Midlands in third (31.00%).

Data also highlighted concerns city by city, with Belfast the highest in the whole of the UK for believing there won’t be enough money to last through retirement.

Almost 1 in 5 Northern Irish people also worry that pensions won’t exist by the time they reach retirement (19.00%). However, this was the second-lowest in the UK, and other regions came out much higher such as the South East (30.10%) and Scotland (24.00%).

Over 1 in 3 Brits claim to have “no idea” how to access their pension pots, with Northern Ireland falling in 6th place. Perhaps worse still is the number of people who claim to not have a pension pot at all, or do not contribute in any way.

Pensions expert and Independent Financial Adviser (IFA), Caroline Anstee, said there’s an overall feeling of worry when it comes to pensions and the future.

She said: “If more financial education was available then everybody would understand more and therefore not worry as much.

“Unfortunately, most people do not address the future, so when they get to making decisions about retirement, they have left it too long.

“So advice is vital and it’s never too early to understand and think about the needs beyond working life.

“By going through a cash flow forecast of needs now, future plans can be made. 

“The media does not help as they state things like if you don’t have £1m in a pension, you will be poor in retirement.

“Everyone’s situation is different, and not everybody is reliant on pensions alone, so it is important to assess the whole situation and take a holistic view then plans can be made, it just depends on what the needs are in retirement and what lifestyle is required.

“The main thing that has affected women is the increase in the state pension age and that needs extra planning, as most thought they would receive their pension at age 60.”

She added: “The main thing is that people review their pensions as costs eat into any return and then see where they are and plan.

“Financial education should be given to all and then they would understand how important planning ahead is.”

  • Expert Pension Claims are Manchester based claims advisors specialising in financial mis-selling and pension mis-selling, particularly SIPP claims. Call them on 0161 968 0768 today. (Expert Pension Claims is a claims management company. We do charge a fee for our services, but this is only if your claim is successful. We do not charge a cancellation fee. For more information, visit the fees page)


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