Pension reform, financial literacy and public information: a case study of the United Kingdom
Consumers in most countries are generally not well informed about pensions. Both general facts about the structure of the pension system and specific data on their own pension entitlements are lacking. Many people, as a result, might have unrealistic expectations of their retirement incomes. But apathy and indifference to pension planning (and personal finances in general) form a large barrier to improving people’s knowledge of the pension system and how it affects them. This paper looks at the experience of the United Kingdom. A number of interesting initiatives to improve general and individual pension information are described and assessed.
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