Older people urged to not solely rely on state pensions

Wed, 27 Jan 2010

A financial services group has warned that the basic state pension may not provide them with enough money to enjoy their retirement .

Prudential found in a study that 18 per cent of people who intend to retire this year will rely on their state pension and savings as their only sources of income.

As a consequence, the firm has advised its customers to save as much as possible for their retirement in pension schemes and other investments .

Martyn Bogira, Prudential's director of defined contribution solutions, stressed the importance of Britons needing to make more adequate plans for their retirement.

He added: "If the basic state pension is your only source of income, you could be in an extremely precarious position financially."

Meanwhile, the Department for Work and Pensions recently announced plans to reform workplace pensions .

Yvette Cooper, the secretary of state, described the new reforms as the most significant change to workplace entitlements since the advent of the national minimum wage .
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