Alliance Trust highlights benefits of saving for pensions calculator

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Alliance Trust highlights benefits of saving for pensions calculator

Wed 25th May 2011

Investment company the Alliance Trust has advised young people to begin saving for their pensions as early as possible.

Addressing the fact that average life expectancy is increasing, the firm urged people as young as 16 years old to consider making pension payments.

Research from the Department for Work and Pensions (DWP) predicted that ten million people of the current population will leave to be 100 years old.

Commenting on these figures, the Alliance Trust highlighted the fact that people may have to fund up to 45 years of life without working if they retire at 65.

Head of pensions at Alliance Trust Savings Steve Latto said people are encouraged by the predictions of longer life, but added that "this does mean that our children may have many more years of retirement to fund than their parents' or grandparents' generation".

The DWP recently unveiled statistics revealing a reduction in the number of unemployed young people currently living in the UK.

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