Barings report shows huge numbers without pensions

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Barings report shows huge numbers without pensions

Fri 12th Aug 2011

Close to 13.6 million people in the UK, or 38 per cent of all British adults, do not have a pension, figures from Barings Asset Management have revealed.

With the highest proportion of people without a policy in the 18 to 24 age bracket (at 69 per cent), the results underscore recent appraisals of the UK pensions system.

Perhaps more worryingly, 26 per cent of respondents between 55 and 64 have no scheme in place, while almost half of 25 to 34 year-olds do not either, a result described as "very worrying" by Baring's Marino Valensise.

Mr Valensise, chief operating officer of the financial company, said: "Investing into a pension little and often is a much better approach than not at all."

He added that "continuing to work indefinitely will be mandatory" for many older people now, given that they will have no other form of income coming in.

The changing nature of people's financial plans for retirement was also highlighted in research from equity release specialist LV=, which showed that almost all independent financial advisors they surveyed believe equity release will help plug the UK's pensions gap.

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