|
Protection needed against 'pension pitch'
3 October 2008 15:43
Millions could be at risk from a 'pension pitch' if lenders and financial services do not act quickly, according to one organisation.
The warning comes on the back of research by the Oxford Institute of Ageing, which revealed that about 50 per cent of the UK's 34 million strong workforce do not contribute to a personal pension.
Statistics suggest that over 90 per cent of people do not think the state pension is enough to live off, yet only 40 per cent have begun saving to any extent.
The right honourable Lord Hunt of Wirral, chairman of the Life Trust Foundation, said that hard work was needed to make it as easy as possible for people to plan their finances throughout the course of their lives, and to make sure they weren't caught by a 'pension pinch'.
He added that it was also the industry's responsibility to bolster understanding of the impacts of increased longevity and to improve accessibility to products that help people who live a long time.
Those who are post-retirement age have until Monday (October 6th) to claim a year's worth of backdated pension credit.
|
