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Company pensions decline highlighted again
4 February 2008 12:00
The number of people saving adequately for retirement through company pensions has fallen over recent decades and may wane even further in future, according to a new poll.
Over two thirds of today's retirees claimed that they could afford most of the things that they wanted, Saga's survey showed, rising to nearly nine out of ten among those Britons who finished their working lives on a company pension.
Yet whereas just one in five octogenarian retirees feel they are unable to afford most things they want, with this age group benefiting from having typically worked until they were in their early 60s, nearly a third of non-workers in their 50s are financially insecure.
Looking forward, the pensions climate is likely to change even further, with over two out of five workplace scheme members approaching retirement wary that these funds may prove insufficient, while one in four soon-to-be retirees have a personal pension.
Saga chief executive Andrew Goodsell remarked that the experiences of most existing retirees should serve as an example to those Britons who want to enjoy an affluent retirement, adding that it is not too last for future and recent retirees to achieve this aim.
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