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Survey reveals reasons for people shunning pensions

Only 10 per cent of adults expect to be able to live on the state pension but 39 per cent have made no additional provision for their retirement, according to research from HSBC.

The bank surveyed 1,004 UK adults in August and its research reveals that 63 per cent expect the state pension to be worth less in real terms when they retire than it is today.

The top two reasons people gave for not arranging a pension were affordability, at16 per cent, and retirement being too far off at 16 per cent.

HSBC said 40 per cent of those aged 18 to 24 without a pension cited retirement seeming distant as the reason they were not saving.

The research showed men are more likely to have arranged a pension than women, with 68 per cent of men saying they had a pension policy compared with 52 per cent of women.

People aged 25 to 35 are almost as likely to have a pension as people over 55, at 65 per cent and 67 per cent respectively.

The bank says the launch of stakeholder pensions in April has raised awareness of the need to plan for life after work but that not enough people are saving yet.

Head of life, health and pensions Harpal Karlcut says: “Few people expect the basic state pension to give them a comfortable lifestyle in retirement but our research shows an alarming number of people still have no other pension arranged.”



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