Halifax pensions warning

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Halifax pensions warning

Britons have been warned to take a serious look at how they plan to fund their retirements by Halifax.

New research by the institution found that most (52 per cent) are not making payments into a pension pot and 70 per cent think they will get more from their state pension than in fact they will.

As an average, people mistakenly thought they would receive double the £4,716 they would get from the state.

Managing director of Halifax Financial Services, Karen Crowshaw, warned people not to let the recession have a negative effect on preparing for their post-working years.

Halifax's research also showed that men make pensions more of a priority than women and say they can afford £76 a month to put into it, while women believe they can save £51.

Other recent Halifax research has shown that disposable earnings have lessened in proportion to mortgage payments.

The figures, from the Affordability Review for property, showed that mortgage payments for a new borrower were worth 48 per cent on average in the third quarter of 2007, compared to 31 per cent in the first three months of this year.

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