The UK's younger adults have been warned that they could be facing a low level of income after reaching retirement unless they act fast and secure a pension plan.
According to pension specialist Tomorrow, 59 per cent of UK adults in their 20s have no pension plans in place, potentially leading them towards financial difficulties in later life.
The company's statistics also reveal that one-third of retirees will have a low income when they are reliant on a pension, while one in five will need to continue to work in order to supplement their income.
Kirsty Macpherson, Tomorrow spokesperson, commented: "Despite warnings from the government over the pensions gap ... the UK's 20-somethings are still not aware of the dangers of planning too late for their retirement."
The government, in attempting to handle the pension crisis, released a white paper last year containing plans to raise the retirement age to 68 in order to give Britons a higher income after reaching retirement.
It also unveiled personal accounts, the new individual pension schemes that are designed to be operated by employers and prevent the current situation where millions of adults have no personal pension plan.
20-somethings issued pension warning
Pensions Quote Line
0845 108 0505
20-somethings issued pension warning
Tue, 03 Jul 2007
Recommended links
Young people need to contribute more to pensions, analyst claimsYoung adults worried about reaching retirement, study shows
Young people look for pension quick-fix, study shows
Many teenagers ignorant of how pensions work, financing study indicates
Guide to pensions planning
Pensions quick enquiry form
Pensions minister explains personal accounts
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Company pensions 'vital for retirement' - Tue, 26 Aug 2008 |
| Pensions fraud faces crackdown - Fri, 22 Aug 2008 |
| Low-paid workers 'may not benefit from personal accounts' - Thu, 21 Aug 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.