A new report from the Financial Conduct Authority found that roughly fifteen million people across the UK currently have no pensions savings and no financial plans for their retirement years. This report, detailing the ins and outs of Great Britain’s personal finances, surveyed more than 13,000 consumers, making this the largest research project of its kind.
The FCA report found that 31% of UK adults have no private pension provision, meaning that they will be forced to rely on their state pension alone. The current full state pension rate is £159.55 per week, but this amount is only paid to individuals who have paid their national insurance contributions throughout their entire working lives.
Of greatest concern are people aged 50 or over who are not currently paying into a private pensions. They have only a few more years to start saving for their golden years during their late 60s. The FCA survey asked respondents why they had not started to save for their retirement. 32% responded that they worried it was too late to start, another 26% felt that they could not afford the extra savings, and a further 12% were hoping to live off of their partner’s pension allotment.
If you are one of the fifteen million people across the UK who does not yet have a private pension savings plan, you need to start thinking about what your options are and seek advice from an appropriately qualified adviser, or you can call or email the team at Carey Pensions UK who will be able to provide you with information.. No matter what your age, it is never too late and we will be able to give you guidance, we are not able to provide advice but we will ensure that you have the correct information to speak with your chosen adviser or for you to make a decision.