Aug. 16, 2012 – A new report shows that a significant number of UK residents aren’t factoring in income from a pension plan when they consider how much money they will have in retirement.
A survey from Baring Asset Management indicates the 44 per cent of Britons don’t intend to rely on pension income to fuel their retirement – largely because they don’t have a workplace pension plan.
Instead, they intend to rely on property, cash, perhaps even inheritance.
The report concludes the most challenging finding is that almost 50 per cent of UK adults admit to not having any type of formal pension plan. Indeed, 11 per cent of respondents said their property was their pension plan.
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ARIA provides a forum for an informed discussion on retirement income adequacy, and other related issues, including pension and retirement coverage, and defined benefit pension plans.