Workers are now demanding the best to ensure their pension funds are performing
Pension holders are now starting to demand the best performance possible from any funds they have put aside for their retirement. A survey from a leading pensions firm has noticed this growing trend among those saving for their old age since the downturn of the economy. Employees responsible for managing both Finance and HR were quizzed about any behavioural changes of other employees towards how they manage their retirement schemes. The research showed the vast majority (87%) have begun to show much increased interest in how their pension is faring since the end of the Celtic Tiger era several years ago.
Many have quoted the continuing poor performance in pensions as well as not making management charges clearer on documentation as key factors in encouraging a more proactive approach being adopted. Many invested in their homes as their key asset during the boom years, people now find themselves trapped in negative equity in a market that shows very little sign of improvement. As a consequence, these same people are now turning to their pensions as a means to preserve their asset portfolio even though they may not be close to retirement age.
With the ongoing concern over the viability of defined benefit schemes, employees on schemes are getting in contact with trustees regarding future performance of any funds being put aside on their behalf. The situation calls for the need to educate future retirees on how to manage pension funds allowing them to make informed decisions to take a proactive role in driving the best performance possible throughout their working life.