Recession "dents" Britons' retirement plans
Wednesday, 21 April 2010 09:30
By myfinances.co.uk staff
The economic events of the past 12 months have put a serious "dent" in the retirement plans of many Britons, with more than one in five now expecting to have to work for longer.
A survey by consultancy Towers Watson found that 13% will have to stay in employment for up to five years more than they had intended, while three per cent anticipate working for more than five years and five per cent believe they will have to work throughout retirement age.
Another 10% said that they will retire as planned but will have to cut back on spending.
Elsewhere, employees felt that they will have to take on more personal responsibility for their pension arrangements, with 75% expecting to be primarily in charge of providing for the retirement income within five years.
However, 28% do not want this responsibility, while another 34% were uncertain.
A recent survey by Legal & General showed that the proportion of Britons thinking about saving in a pension scheme has risen by 12% over the past year to 32%.
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