Many Brits 'have no pension plan'
www.moneynews.co.uk > Pensions > Many Brits 'have no pension plan'
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Money News |
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Many Brits 'have no pension plan'
Fri 20th Feb 2009
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A study conducted by Fairinvestment.co.uk found that, on average, one-third of people in the UK are making no contributions to a fund for their future.
This was most evident in those aged 19 and under, with 48 per cent being without a pension plan.
People aged between 46 and 50 were most likely to have a scheme in place, with only 29 per cent admitting to not having a pension pot.
The current economic downturn also appears to be taking its toll, as 11 per cent of respondents claimed they had ceased to make payments since the onset of the recession.
Sharon Bratley, chartered financial planner at Fairinvestment.co.uk, said that "the sooner people start saving for their retirement the better placed they will be when they are not willing or able to work".
The Pensions Regulator recently reassured employers that the current scheme funding regime is flexible enough to cope with the economic downturn.
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