Almost half expecting to work beyond 65

Nearly half of Britons believe they will have to work beyond age 65 because their pensions savings are inadequate, a survey from Scottish Widows has found.

What's more, 27 per cent of people think they will never be able to afford to retire.

The overwhelming majority, 81 per cent, expect to be poorer in retirement than at work. This is despite the fact over half of these people say they are struggling to make ends meet while they are still in the workforce.

The research was released to coincide with the expansion of auto-enrolment which will see millions of workers taken into their company pension schemes. At present, just 9 per cent have chosen to stay out of the process.

Nevertheless, Lynn Graves, head of corporate pensions at Scottish Widows, says more must be done to ensure workers understand the dangers of opting-out: "On average, workers want to retire at 62 – however with almost a fifth having no money set aside for retirement, it is questionable how realistic they are about their pension prospects.

"The pensions industry, government and employers have to educate the UK workforce about the importance of saving for retirement, and how workplace pension schemes can help them."

Independent Partners; Do you need financial advice on your investments, pension or insurance? Book a free consultation with an independent Financial Adviser at VouchedFor.co.uk

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