A new study has suggested that many pension holders may be in for a rude awakening when they review their financing situation later in life, according to a new study.
In a survey from life insurance and pensions specialist AEGON, 88 per cent of independent financial advisors agreed with the statement that more people will be unable to retire at the age they would like to as a result of a shortfall in their pension.
Meanwhile, the study also suggested a possible reason for the lack of money in many consumer pensions.
According to the poll, 56 per cent of advisors said that the majority of people would not consider boosting their retirement savings now and, given the choice, would opt to work longer instead.
"British people are heading for a sharp wake-up call," commented Graham Dumble, director of risk and regulation at AEGON.
"Unless they are prepared to accept a significant fall in their standard of living in retirement, they will have to save more or work longer."
To counter pension problems in the long term, the government is proposing to roll out the national pensions savings scheme in 2012, which will feature automatic enrolment of full-time employees across the UK.
Warning issued to over-optimistic pension holders
Pensions Quote Line
0845 108 0505
Warning issued to over-optimistic pension holders
Fri, 08 Jun 2007
Recommended links
Your complete guide to pensionsPensions enquiry form
Today's pension providers
Pension planning guides
How to pass your money on
Stamp duty penalises pension holders
New retirement funds advertised to pension holders
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 |
|---|
| Government will protect pension holders - Tue, 06 Jan 2009 |
| Pension investors told to consider hotel rooms - Wed, 24 Dec 2008 |
| Pensioners will see a boost to their income - Mon, 15 Dec 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.