Financial workers are in the dark over their pensions, survey finds

Millions work with money but the majority of UK finance professionals may have little idea about their own retirement savings.

Revealing new research published this morning suggests some 57% have a “rough” or “no” idea what their pension is costing them in fees while 59% have no idea how much their pensions should be worth upon retirement, or know only roughly.

The study raised questions over whether financiers are deliberately taking a laissez-faire approach to their own financial future.

However investment firm Nutmeg, which commissioned the research, believes the problem lies with the over-complication of pensions which leaves many professionals scratching their heads.

“Finance professionals either get paid so much money they don’t care, or they are conceding that the level of intelligence and time required to understand is so high they simply don’t bother to try,” said Nutmeg chief executive Nick Hungerford.