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21 Aug 2013

14% of Britons Have No Retirement Plans

Some 5.1 million Britons have said they have no retirement plans, according to a study by Baring Asset Management. This number translates into 14% of the workforce in the country, a rise from 12% last year and 11% in 2011.

It is also a record-high for the period since 2008, when the research began. In addition, 40% said they had no certainty when they would be able to retire, up from 38% in 2012. The figures underline the growing instability concerning retirement planning in Britain, with the cost of life continuing to grow.

The findings of this survey, and a separate study by Aegon, also showed age group discrepancies. Respondents in the first survey in the age group 55-64 were more unsure as to when they would be able to retire, while the Aegon survey showed that 30% of young adults plan to retire before they turn 65. Only 13% had plans to work until the age of 70 - a figure more realistic than the first one, according to analysts.

The main concerns of people approaching retirement age are insufficient pension planning and provision. This, coupled with the generally increasing life span of the population, is affecting a significant part of Britons, according to Baring´s chief investment officer. Currently, some 34% of the population have no pension, with the number amongst women having risen to 42% this year, from 39% in 2008; the number of men without pension, on the other hand, fell to 26% from 30% five years ago.

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