New pensions study draws attention to funding gap

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Financial Services > Pensions > Annuities >

New pensions study draws attention to funding gap

Thu, 01 Feb 2007

People have been urged to consider sorting out pension plans, following the publication of a new pensions study.

According to research from financing specialist Which? Money, the average person in the UK expects they will need £312 per week after tax to live comfortably as a pensioner.

However, a third of people surveyed said that were not currently putting money away in a private pensions scheme, savings account or expanding their property and investments portfolio to supplement their retirement income.

And with the basic full state pension currently standing at £84.25 per week, the financing organisation has suggested that thousands of people could be facing a shortfall.

"There's a huge difference between the amount of income people want to have in retirement and the amount they'll get from the government," commented Martyn Hocking, editor of the financial group.

"The basic rule is that you should start saving for your retirement as early as you can."

One method of saving for retirement is to consider setting up a personal pension plan with an employer.

Typically, pensions contributions made by the employee will be matched by the company to maximise retirement savings.

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