A new report from B&CE, the pension provider, reveals that about one out of every five people are now choosing to plan for their retirement outside of a traditional pension, which may indicate that people are becoming more distrustful of the pension providers. Most of these people are interested in saving for retirement, but they would rather do it via their own methods so that they can control their cash and their savings on their own instead of locking cash away for an enormous amount of time.
This is added to the fact that there are now many people that simply do not trust pension providers, seeing the investment funds as poor performing funds that charge too much to use. After so many life company scandals it is not so hard to see why. Of course, there are also those who still refuse to acknowledge that they need to save now for their golden years since you can never guarantee your lifespan length.
With this in mind, the question of whether a pension is worth it or not is a large question with a debatable answer. The right type of pension can be a handy supplement to have when you are older and need a guarantee that there will be money to supplement the government stipend. However, the question is best answered on an individual basis, since a pension is only as good as its specifications and only as reliable as its provider, leaving a lot of room for error and success.
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