Pension schemes avoided by British employees

28-03-2007

Pension schemes avoided by British employees
UK workers are refraining from organising their pensions because they cannot afford it - or because they are too busy to do so.

New research from B&CE Benefit Schemes has revealed that almost 30 per cent (one-third) of employees claimed that they are not financially able to save for their retirement.

Moreover, 21 per cent of workers claimed that they simply had not found the time to arrange a savings scheme. However, this figure increases to 74 per cent among those aged under 34.

The research also found that 13 per cent of the respondents to the survey claimed to be "too young" for a pension.

The lack of saving for the future among the UK's workforce is perhaps surprising given that 85 per cent believe a state pension will not provide sufficient support come retirement age.

John Jory, deputy chief executive of B&CE Benefit Schemes, commented: "It is alarming to find that, even though a high percentage of the working population does not believe that they will be able to rely on the state when they retire, there are still millions who have failed to take a positive step towards starting to save for retirement."


Related categories: Insurance / Pensions.


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