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Retirement blues

While more people are aware of the need to make savings for retirement, fewer people are doing so, according to the seventh annual pensions report from Scottish Widows.

Ten percent of respondents to the survey indicated that they would opt out of the government’s flagship pension scheme. The average ‘pensions ratio’ for UK workers remains the same, at 9 percent, when according to Scottish Widows, workers need to be putting aside at least 12 percent of their income to be able to have a comfortable retirement.

‘Ian Naismith, head of pensions market development for Scottish Widows, said: ‘This year's report clearly illustrates the stark difficulty we face in helping people to recognise the urgent need to take personal responsibility for their future. We need a step-change to overcome this ingrained inertia and help people prepare for their retirement.’

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