UK - More than a third of people are not paying into a pension scheme, research by Royal Liver Assurance reveals.
The firm’s UK Financial Awareness Report also found that more than half of all respondents were not worried about having a decent standard of living during retirement.
These findings came despite the overwhelming majority of people surveyed (91%) being aware that the state would not pay them a pension that will allow them to live comfortably in old age.
Royal Liver Assurance chief executive Steve Burnett said: “If we are to improve the £27bn pensions and savings shortfall in the UK, the government and financial services industry must do more to communicate the importance and benefits of saving early, specifically to the young, who have a ‘spend now, worry later’ attitude to handling their money.”
The report also voiced concerns that pensions are not explained simply and there is too much jargon in the industry.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.