GE Money: Britons not confident in their pensions

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GE Money: Britons not confident in their pensions

Most Britons are unsure that their pensions will see them through retirement, according to new research.

A YouGov poll for financial services provider GE Money and money advice site MoneyBasics.co.uk found that only 27 per cent of people are confident that their pension will provide enough for them in retirement.

This is despite the fact that 59 per cent of people in Britain have a company or private pension.

Younger adults aged 18 to 24 are the least likely to have a pension in place, with only 17 per cent of them having set one up at 47 per cent admitting they have not thought about it.

Men are more likely than women to have a pension in place (64 per cent and 55 per cent respectively) and are more confident that it will provide for them (35 per cent compared to 18 per cent).

The National Association of Pension Funds recently found there to be an increase in the participation of pension funds in class actions.

Spokesperson David Paterson said the organisation expects the trend to continue in the economic slowdown.

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