People urged to invest in a pension scheme

Tue, 08 Jan 2008

Many people are not saving enough for their retirement despite the fact they know that the UK state pension will not be enough for them to live on, according to one expert.

Rachel Vahey, head of pension development at AEGON, said there seemed "to be a gap between having the knowledge there and actually saving for a pension ."

She added that research the company had undertaken last year had indicated that many people were "living for today" rather than investing in pension funds .

However, she said that if people examined their finances closely it was "amazing to see where you can save some money and [where] you can make some savings towards your pension".

Ms Vahey said that it was also important that employees looked at any pension scheme offered by their company as ignoring them could mean "turning down free money".

The research carried out by AEGON in August last year found that 22 million UK adults could risk poverty in retirement.
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