UK - A Barings study has revealed 2.3 million Brits - 5% of the UK adult population - have decided to review their pension arrangements in the last 12 months, as a result of falling property prices.
Marino Valensise, CIO, Barings, commented: "It's great to see that less people are relying on property to fund their retirement, but it's still remarkable that so many people are failing to plan for their retirement at all."
The research found 35% of working Brits were not making any provision for their retirement, a research from Barings has found.
The situation worsened with 38% of 25-34 year olds who did not have any form of pension plan. 25% of 35-54 year olds were in the same situation, while 22% of over 55 year olds also did not have a pension in place for their imminent retirement.
The research pointed out a gender divide with 39% of women who did not have a pension, compared with 30% of men.
According to the research, 1.2 million people were currently reviewing their pension investments more carefully and looking at other investments, such as equities and bonds, in addition to property in order to help fund their retirement.
Valensise added: "It's crucial that we plan for our old age and that our investments are diversified amongst a number of different asset classes. Your pension should be invested in diversified assets that are in line with your age, lifestyle commitments and number of years to retirement."
HMRC has confirmed providers operating relief at source pension schemes can continue to collect automatic tax relief at a basic rate of 20% under new Scottish Income Tax rules.
The Pensions Regulator (TPR) is seeking "improved" powers to set a schedule of contributions in defined benefit (DB) schemes in the government's upcoming white paper, it has revealed.
New regulatory rules which require providers and advisers to produce annuity illustrations will not solve the problem of consumer detriment as they are "fundamentally" flawed, according to Retirement Advantage.
Paul Budgen is set to join financial technology and auto-enrolment (AE) firm Smart Pension as director of business development.