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6.5 Million workers have no pension

A third of full-time workers are still not contributing to a pension, despite increased publicity on the woeful state of pension provision.

Research conducted by B&CE Benefit Schemes, the not-for-profit stakeholder provider to the construction industry, shows that 37 per cent of full-time workers – 6.5 million people – are not contributing to a pension plan.

The report, which surveyed 688 people in full-time work, undermines the belief that lack of trust in pension schemes is the main reason stopping people from saving. Only 10 per cent of respondents not paying into a pension cite this as the reason. One in four people say that they cannot afford it and 20 per cent say they have not got around to it yet.

B&CE Benefit Schemes deputy chief executive John Jory says: “It is alarming to find that, even though pensions have become almost a daily talking point for many people, there are still millions who have not taken a positive step towards starting to save for the day when they retire.”

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