Pensions fear for over-50s

Almost 30% of Britons aged over 50 have no pension in place and look set to rely on the state pension in retirement, according to the LV= State of retirement report.

Government plans for a universal state pension of £140 a week will still mean an annual income well below the minimum wage, said LV=.

When asked if they could live on this amount in retirement, 43% of respondents said they could not and 27% said they would really struggle.

Ray Chinn, head of pensions at LV=, said: “The government has proposed a raft of changes that will have a huge impact on retirees. Many feel this group is taking the biggest hit to help the economy to stabilise.”

Meanwhile, research from Aviva shows that although 70% of employers are aware of the pension reforms, 68% of staff still have little or no knowledge of auto-enrolment. Aviva also found that only 35% of employees surveyed in the private sector are saving into a workplace pension.

Read more from the Workplace Savings Quarterly