Crisis looms as only half of Brits have a pension
Almost half of British people don’t have any kind of pension, alarming research published by the Chartered Institute of Payroll Professionals has revealed.
That means millions could be heading for a future pension crisis despite consistent government attempts to ensure workers do start saving for their retirement.
Tellingly, almost half of those surveyed said they know nothing about the recent work-based pension reforms or the drastic changes announced in March’s Budget.
Fewer than a third say they have a pension scheme offered through their employer, while one in 10 has a private pension.
Lindsay Melvin of the CIPP said: “With pensions at the forefront of the Government’s agenda, these findings are extremely worrying.
“The lack of awareness surrounding the new system coupled with the fact that such a significant amount of people don’t have any form of pension will have a huge ripple effect later down the line.
“Some people may even find that they can never fully retire if they don’t give their pension provision serious consideration.”
The majority of people say they expect an annual pension income of between £20,001 and £35,000, but do not realise they would need to start putting aside at least 12 per cent of their salary each year from the age of 22 to achieve that.
Vince Smith-Hughes, retirement expert at Prudential, said: “The need to save as much as possible as early as possible is essential for anyone wishing to enjoy retirement.”
- 2 Top Gear: Jodie Kidd, Philip Glenister and Guy Martin 'in advanced talks' to join show
- 3 General Election 2015: 14-year-old boy asks Nick Clegg – 'can you kill Katie Hopkins?'
- 4 University student in court for allegedly covering housemates' food in window cleaner and spit
In defence of liberal democracy
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: UK will be 'run for the wealthy and powerful' if Tories retain power, Labour warns
General election live: SNP suspends two members for disrupting Labour rally
Schools forced to act as 'miniature welfare states' with teachers buying underwear and even haircuts for poor pupils
Andy McSmith's Sketch: Feisty audience is the real star of an enlightening show
iJobs Money & Business
£20000 - £25000 per annum + Uncapped commission: SThree: Can you speak German,...
£25000 - £30000 per annum + benefits: Ashdown Group: An exciting opportunity f...
£215 per day: Ashdown Group: Junior Project Manager (website, web application ...
£40-50K: Guru Careers: We are seeking an experienced Software Engineer / Softw...