Don't wait for workplace pensions, expert urges
British employees have been urged not to wait for the government's workplace pension reforms to come into effect before investing for their financial future.
Simon Fraser from Fidelity International warns that prospective retirees could cost themselves thousands of pounds worth of pension savings if they wait for auto-enrolment into workplace pensions to be implemented across the country in 2012.
In fact, figures from Fidelity International show that people could miss out on more than £100,000 in extra savings over the next five years if they wait until 2012 before adding the maximum amounts to a workplace pension scheme.
"There's a big danger associated with the government's laudable introduction of personal accounts - the possibility that people may leave it until 2012 to do anything," said Mr Fraser.
"Our research shows this could be a costly mistake for anyone hoping to enjoy a comfortable retirement," he added.
Last week, the government announced that it intends to tackle what it perceives to be sense of savings inertia among UK citizens as they head towards retirement.
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