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Confidence in online pension arrangements remains low

20 August 2009 / by Rebecca Sargent

Confidence in online pension services remains low among the over 50s, despite a rise in silver surfers, research from Just Retirement has revealed.

According to the retirement experts, the internet is becoming a crucial lifeline for many over 50s, particularly those over 70. In fact, 65 per cent of over 50s regularly shop online, while 90 per cent use email on a regular basis.

However, over 50s are less savvy when it comes to online finances. And although 85 per cent say they use the internet for financial research, just 49 per cent said they would like to be able to view their pension arrangements online, and a third said they would like to be able to change their pension details online.

Commenting, Nigel Barlow, head of research at Just Retirement said: "More than half of people surveyed don't want to view their pension payments online – highlighting the need to build confidence in this area.

"Checking personal information such as pension details online is a convenient and flexible way for an investor to monitor their portfolio on a regular basis.

"Although no system is 100 per cent safe, online security is constantly improving and we are confident that the third generation will eventually endorse the internet as a means to manage their personal finances moving forward."

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