Simon Lambert

They might have not, auto enrolment didn't exist.

They might never have actually joined or they joined too late.

And so those minimum amounts are definitely not enough.

The self-employed don't benefit from auto enrolment and women are more likely to have time out of the workplace to look after children or also more crucially, more likely to have a period of lower earning after they have children because they will tend to

choose to work perhaps part-time or take lower paid less demanding jobs in order to have more time to be able to look after their children and rightly or wrongly it does still normally fall on the mother to do that and so it impacts women more than it impacts men

I think to go back to the point where Steve famously made his Lamborghini comment, a point that we made back then is that people who have diligently saved for their retirement throughout their working career

are highly unlikely to go and spank all the cash immediately, completely recklessly, once they reach retirement.

It's not a pattern that you would expect to see.

And actually, the evidence shows, how many years in are we?

10, 11, something like that, that people aren't doing that, that people are actually being relatively cautious.

And in fact,

Some people are too cautious.

People find it very difficult to go from what's called the accumulation stage to the decumulation stage where they have to start seeing their wealth go down and that, you know, their pension pot start to deplete rather than go up or their savings balance start to deplete rather than go up.

It is difficult for them.

So actually, you find some people spending less than they should do.

Now, on the flip side of that, you've got people who don't have a big enough pot to last them.

And so obviously, it's easier to crack through that quicker.

But we're not seeing evidence of people, you know, splurging the cash.

I think the issue is, however, most people are not really equipped to be turning a lump sum of money into an income that lasts them for the

But most people also do not have pension pots of the size where they feel that paying for financial advice is worth it.