The Office of Fair Trading (OFT) has proposed a series of reforms to defined contribution (DC) pension schemes, in what is expected to be a radical shake-up of the £275bn DC pension market.
People can be put off the idea of starting a pension for many different reasons with less than a third of UK adults currently saving for their retirement. However, pensions aren’t just for older people. It doesn’t matter whether you’re just embarking on your career or are in your late forties – you’re never too old, or young, to make a start.
The UK’s retired population is struggling to survive on their pension income, according to a recent survey by Age UK.
Pension incomes have fallen by 14% compared with the start of the year due to market turmoil.
According to a new study, only one in three people employed within the UK (or nearly 15 million workers) said that they do not have a private or company pension – meaning that they will rely on the state pension to support them financially in retirement.