UK - Most final salary and money purchase scheme members fear they will not have enough money when they retire, research by Gissings reveals.
The consultant found that 79% of all respondents – from defined benefit, defined contribution, hybrid and group personal pensions – were either “very concerned” or “somewhat concerned” about their own scheme’s ability to deliver an adequate pension.
And 32% of all DB members surveyed doubted whether their scheme would be able to pay for their full retirement benefits.
Gissings also found that 61% of members and trustees were in favour of legislation to make employer contributions compulsory.
Director Rodney Jagelman said: “Even those who are currently members of good pension schemes may not always have been in a such an arrangement.
“They are perhaps beginning to realise their current employer or prospective employers may not be able to contribute as much to a pension as they would like.”
Of the 100 respondents, 46% were members of a DB scheme, 25% were in a group personal pension, 17% were DC scheme members, while the rest were either in a hybrid DB/DC arrangement or a stakeholder scheme.
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