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More than half will rely on state benefits says JP Morgan

More than half of working people in the UK face having to rely on state benefits in retirement, according to JP Morgan Fleming.

The fund manager&#39s pension map of Britain 2002 shows that 16 million Britons, or 54 per cent of the working population, will have a pension income of less than 40 per cent of their final salary at retirement.

This represents an increase of 3.45 million people on last year&#39s figures and an increase of six million since 1996.

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