Half of UK workers unworried about pensions income

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UK – Over half the UK’s working population in not worried about having sufficient retirement income, whilst 54% believe that their employer is responsible for ensuring adequate pension provision, according to research carried out by Hewitt Bacon & Woodrow.

Of the 43% that are concerned, the report suggests just over three quarters are ready to increase their pension contribution or to invest in property or ISAs. However, only 53% are willing to delay their retirement in order to accumulate a larger sum.

Elsewhere, the survey finds 16-35 year olds are the most willing to save more yet, conversely, this group accounts for the majority of those that believe employers are responsible for pensions.

Says Michael Pommery, retirement consultant at Hewitt Bacon & Woodrow: “while it is encouraging that many people understand the notion that sacrifices will have to be made if they are to have a satisfactory pension, this needs to be translated into action.

Both government and employers would like consumers to take more responsibility for their retirement but the implications of this must be communicated more effectively and better incentives will probably be necessary,” he says.

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