One in five Britons 'have no pension'

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One in five Britons 'have no pension'

An estimated 18 per cent of adults who plan to retire this year have made no provisions for their pension, according to Prudential.

The institution has stated that these retirees are planning to rely on their state pension alone, but few know how much exactly they are to receive each week.

A further 21 per cent of respondents estimated the weekly sum to be £100, when in fact the maximum amount for a single person is £92.25 a week.

Martyn Bogira, director of defined contribution solutions at Prudential, said: "On its own the basic state pension, paying just under £5,000 a year, should only really be used to supplement other sources, such as income from a pension or an annuity."

Many of the other people surveyed stated that they would be using other sources of income to fund their retirement, with 36 per cent drawing from company pensions and six per cent opting to stay active with part-time jobs.

Prudential warned that many people are ignorant of the changes to the minimum retirement age which come into effect this year.

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