Million of Brits have no pension provision
(22 January 2008)

Over nine million Britons have no pension provision, according to new research.

The study, conducted by Baring Asset Management, also showed that people's target age for retirement is particularly low, with the majority of people aged between 18 and 31 years old wanting to leave work aged 61.

A further 33 per cent of respondents expect to be able to retire between the ages of 61 and 65.

Barings' head of European sales, Rob Lay, said: "People have to start taking a more proactive approach to planning for their retirement. Relying on a defined benefit scheme is no longer an option for many UK adults and relying on your property as a pension is a very risky strategy to take.

"These figures reveal a worrying trend of UK adults assuming that they will be in a position to retire without having made the necessary arrangements for funding that retirement."

Meanwhile, the National Association of Pension Funds has stated that the average person will be in retirement for 18 years so their savings need to last a long time.