UK workforce clueless about private pensions

| September 6, 2009 | 0 Comments
UK workforce clueless about private pensions

More than half of UK adults are clueless about how to set up a private pension, research by Friends Provident has found.

The pensions provider found 58% of Brits don’t know how to open a private pension fund, while 55% think they’re not saving enough towards their retirement.

One in six (15%) confessed to not having given any thought to their retirement plans, while nearly a third (31%) are depending on receiving an inheritance to fund their pension.

One in five (22%) are “just hoping” they’ll have enough savings when they reach retirement, and a similar number (21%) don’t have a back-up plan if their pensions fund proves insufficient when they retire.

A quarter of those polled were concerned about the impact of the recession on their retirement savings.

“The research findings make grim reading,” said Martin Palmer, Friends Provident head of corporate pensions marketing.

“Today more than ever, it is vital that people take the time to understand the issues facing older generations in the UK - particularly the financial ones.”

Palmer recommends tackling retirement planning as early as possible to minimise financial pressures in later years.

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