According to Friends Provident, Londoners dreams about a comfortable retirement pension may turn into nightmares as the government speculates about extending retirement age.
This latest government plan is at odds with latest research from Friends Provident that shows that 77 per cent of people in London say their ideal retirement age is 60.
Friend Provident's Pensions Realisation research has discovered that more than two in five Londoners expect to start their retirement pension years when they are 60 - at the latest.
The study also reveals that the amount people think that they have saved up for their retirement pension differs vastly from the actual savings they have available for their retirement pension.
Almost two-thirds of Londoners believe that they need an income of more than £15,000 a year to live the lifestyle they wish to have in retirement pension. However, only 25 per cent have enough savings to fund their ideal retirement lifestyle.
A worrying 63 per cent of Londoners claim that they expect to be financially worse off when they reach retirement pension. Almost half stating the problem is that they simply do not have the funds to put aside.
Jeremy Ward, head of pensions marketing at Friends Provident, says: "It is worrying that so many Londoners are dreaming of retiring, whilst not having made adequate provision for their financial security in later life.
"And while most realise that they will be worse off in retirement, they are doing little or nothing at all to rectify the situation."
Research reveals possible retirement pension nightmares
Pensions Quote Line
0845 108 0505
Research reveals possible retirement pension nightmares
Wed, 21 Sep 2005
| pensions news |
|---|
| Warning on pension annuities - Thu, 22 Jul 2010 |
| Government reforms pension annuities - Tue, 20 Jul 2010 |
| Pension holders set to benefit from energy rebate scheme - Tue, 13 Jul 2010 |
| More News |
Pensions Newsletter
Monthly pensions news, provider info & more.
Transferring a Pension
Learn more about pension transfers and enquire about transferring your pension.
SIPPs
Read up on Self Invested Personal Pensions and take control of your pension fund.