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Financial Services > Pensions > Annuities >

Pension gap highlighted

Wed, 30 Jan 2008

People are still not saving enough money towards their pensions, new research reveals.

A study undertaken by the Prudential found that UK adults retiring in 2008 will draw an average pension income of £18,663 a year, around £5,000 less than the average income for a working adult in the UK.

The research also revealed a significant gender gap when it came to pensions. Men expected to retire with an average annual income of £20,790 whereas women expected around half that with an average income of just £11,291.

Gary Shaughnessy, managing director of prudential retail life and pensions, said: "These figures confirm the UK's pension crisis is far from over, and those retiring this year will have to survive on considerably less money than the average UK adult.

"This is bound to get worse as fewer people approach retirement with the benefit of a final salary occupational pension scheme ."

He also said that it was vital that people got expert pensions advice when making investments for their future.

The government is currently planning to introduce a new pension scheme aimed at the seven million Britons who are not currently saving anything towards a pension.

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