Start Saving Now

wk321pensionsP

Findings show that 7.9 million people (29%) aren't saving anything for their retirement, while 4.3 million (16%) are not saving enough.

The survey also showed that for the first time, the number of people in work-based Defined Contribution (DC) pension schemes has overtaken those in private sector Defined Benefit (DB) schemes.

The industry trade body has also published research by Deloitte showing that one in four employers would consider levelling down their current pension contributions whn Personal Accounts are introduced. This represents rduced pension provision for some 2.4 million employees.

4.7 million people (17%) are currently saving in a work-based Defined Contribution pension, compared to 3.0 million (11%) in a private sector Defined Benefit scheme.

Meanwhile, 44% of people believe it's unlikely that the Government's plans to introduce a new system of Personal Accounts will occur. Only 30% believe it's likely they'll do so.

Chris Kenny, the ABI's Director of Life and Pensions, said: "These major pieces of research show that the broad direction of travel on pension reform is right.

"But there is still a long way to go both to encourage more saving and to get the details of Personal Accounts right. Over 12 million people are still not saving enough for their retirement, and many don't believe that the Government's plans to increase saving will ever be enacted."

Further details are available from www.abi.org.uk.

Have your say...

Be the first to leave your comment.

  • The comment field was not filled in
  • The name field was not filled in
  • The city field was not filled in
  • The county field was not filled in
  • The email field was not filled in
  • Please state you are human

Leave A Comment*

Your Name*

Email *(Not published)

Town/city *

County *

Terms & Conditions

* Required fields

Send To A Friend Send To A Friend

Printer Friendly Printer Friendly

Add Page To Favorites Add Page To Favorites

Back to the top Back to the top

Become a 50connect Member

Green Issues With Michael Wale

Dragon Orchard - Discovery apples ready to pick.

Apple Lovers

Michael Wale visits a Herefordshire orchard brought back to life by the public.

Spotlight

Meet 50connect's Columnists

From relationship advice to environmental issues; life as an ex-pat living in France and the highs and lows of going back to study; read the latest from our regular contributors.