Brits are ignoring pensions
Millions of Britons are throwing caution to the wind in failing to prepare for their retirement, a pensions expert has warned. According to Mark Brooks, spokesman for the National Association of Pension Funds, as many as seven million people are not saving "enough, if anything, for their retirement". However, in so doing, they are risking having to endure a disappointing and difficult retirement, he warned. The problem is exacerbated by "higher life expectancy" and "the growing expectations of the standard of living people will have when they retire", Mr Brooks explained. "The average person will be in retirement for 18 years or even longer so retirement savings need to last a long time."Those who are not putting adequate money aside for their retirement pension will be disappointed when they become a pensioner. But the earlier a person starts saving, the easier it will be". The government's actuary's department predicts that life expectancy for men and women will stand at 86 and 89 respectively by 2050.
Share this..
Related stories
Federal Reserve ready to act if necessary
Even though the US Federal Reserve has confirmed there are no imminent plans to provide additional support for the US economy chairman Ben S Bernanke today confirmed that the authorities are ready to act as and when required. While the US Federal Reserve has no current plans to provide additional finance to the markets it is the very fact that it is being considered which has spooked some investor...
Read MoreWhy have final salary pension schemes fared so badly?
News that Barclays bank is introducing a significant re-organisation of its pension liabilities has in the eyes of many sounded the death knell for final salary pension schemes. These are schemes which pay out a set pension based upon each member's service and final salary at retirement. Once by far and away the most popular of pension fund arrangements, the situation has changed drastically over...
Read MoreIs Ocado looking to pull £1 billion float?
Unofficially Internet grocer Ocado is rumoured to be considering pulling the £1 billion flotation of the group after the revelation that Fairfield Energy, a private equity backed North Sea oil business, looks almost certain to pull a fund raising for £330 million. It would appear that investors have shied away from the new issues market which is not a good sign for Ocado and its proposed £1 bil...
Read MoreWoolworths stock will be sold to the highest bidder
As the search goes on for new investors into the collapsed Woolworths chain the administrator has announced a fire sale of the retail stock which will be sold at rock bottom prices. The massive sale will offer some investors the chance to pick up merchandise at bargain basement prices but it will also place more pressure on others in high street to follow suit and cut their prices. The short-term...
Read MoreCitigroup on the verge of selling Egg
Online financial operation Egg is rumoured to be up for sale with US giant Citigroup recently announcing the potential disposal of all non-core assets. Egg has come to epitomise the Internet arena and the impact this had upon the financial industry. The operation was acquired from the Prudential in January 2007 with a price tag of £575 million. So what can Citigroup expect to raise with a potent...
Read More