The likelihood is that you do not know how the pension systems works in your regard. In May this year ĠEMMA carried out a survey amongst persons born on and after 1962 to understand their knowledge of how the pension system works, and hence their ability to make informed decisions with regard to their retirement planning.
The general picture is that most people have only a vague idea of how the pension system works and how it directly affects them. You probably are one of them.
This means that there is a high number of persons who plan their retirement on limited, if not the wrong knowledge. Basing such an important decision of how you will finance your desired quality of life in retirement on the wrong knowledge, or information, may have dire consequences on your quality of life when you come to retire. This is particularily so, if your retirement pension is the sole or main source of income during your retirement. These are some of the findings that emerged from the research ĠEMMA carried out – of the respondents: