Employee Rewards and Benefits News
People need 'more than just state pension'
Nearly one-fifth (18 per cent) of people who are hoping to retire in 2010 will be doing it on the state pension and savings alone, new research from Prudential has outlined.
Despite this, nearly 31 per cent of the people questioned by the firm in its UK-wide Class of 2010 study do not know how much the basic state pension pays out, or have over-estimated the individual weekly amount by £25 or over.
Martyn Bogira, the director of defined contribution solutions at Prudential, said that the state alone is not able to be able to support a person in their retirement.
He continued: "The sooner you start saving, either into a company pension, personal pension or other savings, the greater the amount of money you can build up to help provide for you when you do come to retire."
However, many companies seem to be struggling with pensions; DSG International, which is the force behind high street retailers Currys and PC World, announced that it would be closing its finaly salary pension scheme to future accrual.
Please click here for more UK employee pension news.
Posted by Michael Ewing
