A large number of more than 40 workers in the UK fear that they will be unable to retire from their 70s – as they will not have pension to do so.
New research data suggests that more than a third of more than 40 think they are still working before the age of state pension, currently 66, while more than a quarter are concerned that they do not know enough about their pension plans as their employers do not provide the necessary information.
In the UK, the time limit has been coming fast for anyone to fill their national insurance records for the last two decades, if they want to up their state pension, but beyond this, even getting full payment from state pension every year is not likely to fund a comfortable retirement for many people.
At the current rate, a full state pension will give a yield of about 11,500 pounds per person per year, but the cost of retirement is more estimated. Pension and Lifetime Savings Association suggests that the average cost of moderate retirement may exceed £ 30,000 annually – and this figure increases. If you want more holidays, there is a better standard of life or any other additional cost.
Therefore, paying in pension schemes or making other long -term investments is important to help the UK workforce adequately prepare for a later life – which many people think they do not feel, according to the results of my pension specialist survey.
2,000 Britain adults in the workforce asking about their retirement plans and how about the future, a third of more than the 40s (over 35 percent) said they expect to work once at the age of 70.
About 52 percent of the final respondents with workplace pension fell into the category of this age group.
And less than two-fifth (38 percent) out of the 40s people said that they believe that their pension would allow them to retire a comfortable retirement, while about four out of ten (39 percent) admitted that the retirement plan made them feel worried.
In particular, an entire quarter of respondents stated that his employers do not provide adequate information about their workplace pension – including the basics such as who is the provider, or the level of performance.
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Go to the website
Get a free partial stock for up to £ 100.
Capital at risk.
terms and Conditions apply.
Go to the website
My pension specialist policy director Lily Megson said that it is right for employees to demand more support from their work places when it comes to the question of what is next.
“It is clear that UK employees, especially people between the ages between 40 and 60, are crying for more support when it comes to their pension and retirement plan,” he said. “And they are right. Pension is one of the biggest financial commitments that a person will do, yet many people feel that they are left to find it alone.
“Naturally, people are looking at their employers for support. The workplace plays a big role in our life, so it is understandable that it should also be a source of financial confidence. But our research shows that, for many people, this is not just happening. Many employees are nominated in workplace pension and then nothing is heard, which makes them unaware of how their hard -earned savings are performing or what are their options for the future. ,
However, Ms. Megson also stated that workers should take the initiative to get more information about pension, at stake with their own futures.
He said: “He said, Onas should not lie only to employers. The government has dedicated a lot of time to pension reforms with the aim of promoting the economy and helping businesses.
“But it should not be forgotten that whose money is in the center of all this – the pension funds of the employees. His financial security in retirement should be a priority. More and more transparency, engagement, and access to financial education are absolutely important in ensuring pension that employees need. ,
Asked which policies would be the most beneficial for employers to support retirement scheme, 30 percent chose “to provide access to independent financial advice” as a major benefit, with only two other fencing rankings.
The increase in the contribution of the employer in the workplace pension was increased by 45 percent of the respondents, with the option of phased retirement up to 36 percent.
