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A lot of more than 40 workers in the United Kingdom fear that they cannot withdraw from the workforce until the age of 70, because they will not have the pension to do so.
The new research data show that more than a third of those over 40 think that they will still be working far beyond the state pension age, currently 66, while more than one quarter are worried about not knowing enough about their pension plans because their employers do not provide the necessary information.
In the United Kingdom, the deadline quickly approaches anyone who fills the gaps in their national insurance history of the last two decades if they wish to recharge their state pension, but beyond that, even receive a full payment every year of the state pension is unlikely to finance a comfortable retirement for many people.
At the current rate, a complete state pension will produce around £ 11,500 a year per person, but estimates of retirement costs are much higher. The Association of Pensions and Life Savings suggests that the average cost of moderate retirement can be more than £ 30,000 annually, and that figure increases if you want more vacations, a better standard of living or has other additional costs.
Therefore, paying pension plans or having other long -term investments is crucial to helping the United Kingdom's workforce to be properly prepared for later life, which many do not feel that they are, according to the results of the My Pension Expert survey.
Asking 2,000 adults from the United Kingdom in the workforce about their retirement plans and how they felt about the future, more than a third (35 percent) of more than 40 years said they hope to work once again.
About 52 percent of the eventual surveyed with a pension in the workplace fell into this age group category.
And less than two fifths (38 percent) of those over 40 said they trusted that their pensions would allow them to have a comfortable retirement, while almost four out of ten (39 percent) recognized that retirement planning made them feel anxious.
In particular, a complete quarter of respondents said that your employer does not provide adequate information about your pension in the workplace, including basic concepts such as who is the supplier or performance levels.
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My pension -expert policy director Lily Megson said employees are right to demand more support from their workplaces when it comes to the issue of what follows.
“It is clear that the employees of the United Kingdom, particularly those between 40 and 60 years old, are crying for more support when it comes to their pensions and retirement planning,” he said. “And they are right. Pensions are one of the greatest financial commitments that a person will make, but many feel they stay to solve it alone.
“Naturally, people seek support to their employers. The workplace plays a very important role in our lives, so it makes sense that it should also be a source of financial trust. But our research shows that, for many, this is simply happening. Too many employees enroll in pensions in the workplace and then listen to anything else, leaving them without realizing how their savings are won or what their options are for the future. “
However, Mrs. Megson also pointed out that workers must take the initiative to obtain more information about pensions, with their own future at stake.
She added: “That said, responsibility should not file only in employers. The government has dedicated a lot of time to pension reforms aimed at promoting the economy and helping companies.
“But let's not forget who money is in the center of all this: employee pension funds. Your financial safety in retirement must be priority. Greater transparency, commitment and access to financial education are absolutely vital to ensure that pensions in the workplace deliver what employees need. “
When asked what policies would be more beneficial for employers to offer to support retirement planning, 30 percent chose to “provide access to independent financial advice” as a key benefit, with only two other selections that are classified more.
45 percent of respondents favored the increase in employer's contributions in pensions in the workplace, with a gradual retirement option that attracted 36 percent.
