Apathy will hit your retirement

Most savers who accessed their pension since the new pensions freedom changes didn’t shop around. Natalie Stanton explains why that's a costly mistake.

The majority of savers who have accessed their pension since the new pensions freedom changes were introduced last April didn't shop around for different products, according to a new survey from the Citizens Advice Bureau. Almost a quarter of those who stayed with their pension provider did so because they thought their current product delivered the best value despite not looking at options with other providers.

This problem is most pronounced among consumers who opted to use their pension for income drawdown. Doing this allows savers to keep their money invested in their pension fund and make regular or occasional withdrawals from it, rather than use their savings to buy an annuity that pays a regular, fixed income.

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Natalie joined MoneyWeek in March 2015. Prior to that she worked as a reporter for The Lawyer, and a researcher/writer for legal careers publication the Chambers Student Guide. 

She has an undergraduate degree in Politics with Media from the University of East Anglia, and a Master’s degree in International Conflict Studies from King’s College, London.