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People will work on to make up shortfall

The shortfall in pension investment is already causing people to work longer, according to a survey by Friends Provident.

Its research shows that 44 per cent say they want to retire by 55 but only 8 per cent expect they will. About 68 per cent expect to have to work until they are 60 or over and 8 per cent believe they will have to work into their 70s.

Friends says its research, conducted in anticipation of the publication of the Turner report, highlights the scale of the task confronting politicians.

The YouGov survey was conducted online among 2,000 people.

Head of pensions marketing Jeremy Ward says: “The research highlights the need for more effective inc-entives to encourage people to sign up voluntarily to pension investment.

“We believe that the workplace is the key to inc-reasing the take-up of pensions and we are hoping that proposals from Turner will encourage this.”

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In my last two columns, I have looked at a number of issues that advisers should take into account when planning to put a new client management system into their business.

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