A recent study by the Pensions and Lifetime Savings Association (PLSA) has suggested that people who have saved into defined benefit (DB) pension schemes have only a 50/50 chance of receiving the payouts they are expecting, resulting in millions missing out on the retirement income promised to them. The pressure on some employers to meet their pension obligations has increased significantly, with well-publicised cases of pension collapse including that of BHS once again highlighting the concerns surrounding the future of workplace pensions.

A recent study has revealed the worrying statistic that over a fifth of all people with multiple pensions have lost track of at least one, with some admitting to have forgotten the details of all of them.

According to recent research, the introduction of pension freedoms has led to many thousands of people taking out large sums from their retirement funds, then leaving it earning them next to nothing in low interest

accounts.

Here’s why.

Should you pay more before relief rates are curtailed?