Romi Savova, CEO of PensionBee
(Picture: PensionBee)Both Tory leadership candidates are rightly talking about the cost of living crisis but neither has addressed the elephant in the room – that we simply can’t afford the next generation’s retirement. Pensions is a topic that people find confusing, difficult to grasp and, at best, quite dull. Consumers feel alienated by the pensions industry and are intimidated by the incessant use of jargon and tiresome administration processes. This doesn’t need to be – and indeed shouldn’t be – the case.
Pensions used to be done for you, whereas now they are done to you. Although consumers now have the ability to have greater agency and control over their pensions, they are discouraged by the system every step of the way. This lack of ownership is the root of the problem.
