One in seven do not plan to retire

One in seven (14%) respondents do not plan to retire, according to research by Baring Asset Management. 

This is 12% up on the proportion of respondents that said the same in 2012 and the 10% in 2011, according to Barings’ annual research, which surveyed 1,581 non-retired UK adults.

The research also found that:

  • 40% of respondents did not know when they would be able to retire, up from 38% in 2012 and 36% in 2011.
  • The average age that respondents said they plan to retire has increased to 64 years, up from 62 in 2009.
  • 34% of respondents do not have a pension, a figure that has remained roughly flat since the survey was first carried out in 2008.
  • The percentage of men without a pension has steadily declined, down from 30% in 2008 to 26% in 2013.
  • The percentage of women with no pension scheme has risen, up from 39% in 2008 to 42% in 2013.

Marino Valensise (pictured), chief investment officer at Barings Asset Management, said: “It is clear that uncertainty is increasing for many people around retirement plans, with more people unable to say exactly when they plan to retire and the average age continuing to rise. 

“Significant numbers of people nearing traditional retirement age reported they did not know when they will be able to retire and the worry is that a lack of sufficient financial planning and pension provision combined with increased longevity is having a real impact on a large proportion of the population.

“The fact that so many people said they do not have a pension, including relatively affluent people and those in the 55 to 64 age segment, underscores the need to focus on effective retirement planning

“We are alarmed that so many people who should have proper plans in place do not, and urge everyone to better understand the benefits that they can get from planning ahead and starting early.”