Pension fears revealed

Thu, 04 Dec 2008

More than a third of Britons believe they will have to work into old age because they have not saved enough for a pension, according to new research.

A study by Lincoln Financial Group reveals that 41 per cent of people are doubtful as to whether their pensions savings will be enough to match their lifestyle needs.

Simon O'Connor, head of product and marketing at the firm, said: "It has become even more apparent that effective planning for retirement is essential."

The firm also found that 17 per cent of people want a pension which offers them the maximum possible income throughout their retirement.

According to Mr O'Connor: "Variable annuities are one way to ensure an income for life with the potential for combating inflation ."

Recently, a study by uSwitch.com found that 45 per cent of 25-34 year olds are planning to use their house as an alternative to a pension.
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