Sphinx Asia Reveals One in Three UK Workers Don't Have a Pension

Released on: October 23, 2011 Author: Wealth Management Dept. Sphinx Asia Wealth Management, Ltd. has revealed that more than one in three (35 per cent) of workers in the UK admit that they don t have a pension, meaning that they will have to rely on the... More

Released on: October 23, 2011 Author: Wealth Management Dept. Sphinx Asia Wealth Management, Ltd. has revealed that more than one in three (35 per cent) of workers in the UK admit that they don t have a pension, meaning that they will have to rely on the State Pension and any savings in retirement. The survey of 1,600 working adults also found that those who do contribute to a company or private pension pay in an average of 6. 2 per cent of their annual incomes. Women are far less likely to save for their retirement with 41 per cent saying they do not have a pension, compared with 29 per cent of men. To make matters worse for those who do not save into a pension fund, as well as facing a sharp drop in income at retirement, they are also missing out on significant tax relief during their working lives. Office of National Statistics figures suggest that the average worker in the UK earns nearly £1 million over the course of their working lives. An individual making the average pen Less