Employee reward and benefits news
Retirement could bring on trying times
British workers expect to be worse off after retiring from work and depending wholly on their pensions for an income, finds a new poll.
The survey, carried out by MGM Advantage, has found that 16 per cent of British employees polled were preparing for their lifestyles to suffer major deterioration post-retirement.
While, 31 per cent of workers expected some sort of a dip in their living standards, only 12 per cent were hopeful of a comfortable and financially secure retirement.
The poll also found a geographical divide with employees in the south-east and east of England expecting to be worst hit in their retirement. In comparison only seven per cent of workers in the north-east were worried that their retirement savings income may not be enough to match their present standard of living.
Britain's financial hub London topped the list of hopeful potential retirees, with 21 per cent of employees looking forward to their living standards improving in retirement.
Recently, unbiased.co.uk claimed that pension savers could benefit from extra tax relief of around £742 million by paying additional voluntary contributions.
Posted by Peter Chad
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