People put off saving for pension, expert says

Tue, 12 Feb 2008

People are ambivalent about saving towards a pension, one expert has said.

Des Hamilton, technical director of the Pensions Advisory Service (TPAS) explained that there are a number of reasons people are failing to save for retirement, including the fact that people did not look forward to it as well as short term financial concerns.

He said: "It [saving for a pension] means deferring expenditure today. It's the old battle; save or spend, and spending is so much easier than saving."

Mr Hamilton said that this is, for many people, "very off-putting" when it comes to saving towards a pension.

The government is currently taking steps in an attempt to tackle the number of people who are failing to save for a pension.

Under the pensions bill 2007, all employees aged over 22 who are earning more than £5,000 a year would have access to a company pension with a minimum contribution from their employer.
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