Workers can't afford to retire on pension, survey finds

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Financial Services > Pensions > News

Workers can't afford to retire on pension, survey finds

Wed, 19 Sep 2007

Many employees aged 55 cannot afford to retire at the state pension age, new research has revealed.

According to Scottish Widows, a quarter of over-55s can't afford to retire at the state pension age and will have to continue working, while 42 per cent of respondents believe the state pension will not be enough to live on.

Head of pensions market development at Scottish Widows Ian Naismith comments that over-55s are divided into two different groups.

"The current generation of over-55s is definitely divided into 'haves' and 'have-nots'," he remarks.

Mr Naismith suggests that some over-55s will retire with a good pension at or before the retirement age while others will have to continue to keep working to add to their pension fund .

Furthermore, over half (53 per cent) of those aged 55 say that saving should become compulsory.

Yesterday it was announced by Fidelity International that anyone applying for their Personal Pension would receive independent financial advice if their financial situation was complex enough.

Customers of the firm will receive a choice of five different independent financial advisors in their local area.

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