Watchdog warns on poor pensions

The pensions watchdog has expressed concern that many workers are finding themselves with inadequate pension provision as a result of leaving it until close to retirement age to check out their entitlements.

Pensions Ombudsman Ger Deering said experience showed many members of pension schemes who had failed to establish what to expect from their pension fund were leaving little time to improve their position.

“In our experience many current scheme members are not familiar enough with the terms applying under their pension scheme or the basis of computing benefits thereunder,” said Mr Deering.