Consumers 'confused on pensions priorities'

Consumers are confused as to what should be their priorities for planning a successful retirement, according to research by Fidelity International.

The investment company's study found that the views of many consumers do not correlate with the firm's own retirement model, with the public generally thinking that finding the best pension plan is more important than the amount of money they save.

It was also found that many people think that the date at which they start saving for retirement is not very important, while many undervalue the importance of having the right asset allocation.

Commenting on the research, Fidelity's IFA channel head, Peter Hicks, said: "We are saving too little, starting too late and then misjudging critical elements of planning and investment decision making.

"Furthermore, despite the heightened public debate about these issues, many people continue to view them as applying to everyone but themselves."

Secretary of state for work and pensions Peter Hain also recently urged individuals to take "personal responsibility" for their pension provisions.

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