Nearly one in seven people retiring this year (14 per cent) have not made provisions for their retirement, including 11 per cent who will be either totally or somewhat reliant on the state pension when they stop work, according to new research from Prudential.
There is some good news for women – the numbers retiring without a pension has fallen to 19 per cent from 22 per cent last year
. However, more than double the proportion of women (19 per cent) will retire without a pension this year than men (nine per cent) Pensioners relying solely on the State Pension worth nearly £8,3000 a year will be more than £1,400 worse off than the minimum income standard set by the Joseph Rowntree Foundation.
· On average, people expecting to retire this year estimate that the State Pension will account for more than a third (35 per cent) of their income in retirement
· Those members of the Class of 2017 who have a pension of their own include: 42 per cent who have the majority of their pension savings in a workplace final salary scheme; one in eight (13 per cent) who’ve saved in a workplace defined contribution scheme; and 13 per cent who have savings in a personal pension not through their employer