Pension provision a growing concern

Wed, 16 Apr 2008

According to recent reports from the Office of National Statistics, approximately 47 per cent of those coming up to retirement age have no idea what their income will be, and presumably have no pension . Furthermore, the reports indicate that just 10 per cent know what their income will be in retirement. The news follows similar pension scheme studies released earlier this week.

Of those remaining (some 43 per cent), most have a vague-reasonable idea of how to fund their retirement. Furthermore, an alarming percentage (44 per cent) did not agree with the statement that they would have enough income to live through retirement.

Rachel Vahey, the head of pensions development at insurance firm Aegon, reportedly commented: "The golden era of retirement is coming to an end and many people are anxious they won't have enough money to provide for a comfortable old age. But the good news is that the vast majority are facing up to reality and are prepared to work for longer, beyond state pension age, to make up the shortfall."

UK Pensions provision is a genuine concern.
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