INTRODUCTION

One in six over 55’s have no pension savings yet, despite the government’s efforts to encourage people to save for retirement through initiatives such as auto-enrolment. There are still far too many Britons who have no pension savings. According to research one-fifth (20%) of people have no pension savings at all, and those nearing retirement aren’t faring any better[1].

This week we will be looking in to why this is the case and and explore the outcomes of not having a pension at all.

Please contact us for more information on how we can help protect your future financial well-being and the options available to you.

A pension is a long-term investment not normally accessible until age 55 (57 from april 2028 unless plan has a protected pension age). The value of your investments (and any income from them) can go down as well as up which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits. Tax treatment varies according to individual circumstances and is subject to change.

Source data: [1] Survey by Unbiased and Opinium of 2,000 non-retired UK adults, conducted June-July 2020.