More than one-third (13.6 million) of British adults do not have a pension, according to research by international firm Baring Asset Management (Barings).
The research, conducted online by ICM research on behalf of the firm, surveyed 1,589 working UK adults.
It found that 1.4 million aged 55 and older do not have a pension in place and almost half (47%) of 25-34 year olds have not started saving into a pension.
The findings also show that an increasing number of men do not have any pension provision, as 30% are currently without, compared to 28% in 2010.
In contrast, more women have a pension as the number without has fallen from 47% in 2010 to 44% in 2011.
Looking at the specifics of those who do have a pension, 52% (11.7 million) of workers have a defined benefit (DB) pension scheme in place.
More women (53%) have a DB scheme than men (51%). This compares to one in three (6.6 million) who are in a defined contribution (DC) scheme.
Marino Valensise, chief investment officer at Barings, said: “Having such a large number of people without any form of pension provision is very worrying.
“It is highly likely that for those approaching retirement age, continuing to work indefinitely will be mandatory given they have no other income streams.
“At the same time, it is concerning to learn that only half of people in their late twenties and early thirties are contributing into a pension scheme.
“Kick starting a pension around this time is absolutely paramount given the impact it has on the end sum. Investing into a pension little and often is a much better approach than not at all.”
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