36% of 51-60 year olds have no pension plans

Over a third (36%) of 51-60 year olds have no pension provision, according to research by the Chartered Institute of Payroll Professionals (CIPP).

Pension pot-2015

Its survey of 2,010 employees also revealed that around a third (30%) of respondents are not sure if their pension savings are enough to retire on.

The study also found:

  • 66% of respondents aged 20-24 have no pension plans.
  • Around a quarter (24%) of respondents believe they are too young to be thinking about their pension.
  • Over half (55%) think saving through payroll would be a good idea.

Lindsay Melvin, chief executive officer of the CIPP, said: “In these uncertain economic times we would hope most people are thinking about their future, but these results show over a third of those towards the end of their working lives are not planning financially for their retirement and some are not even sure they will have enough to live on.

“It is clear to see the nation has a long way to go, but we must also consider the vital role employers play. By educating and offering solutions, such as saving through credit unions and paying into a pension via your payroll, employers can help their workforce become more financially savvy.

“These problems will not disappear overnight, but if boardrooms take notice of this warning we can all help tackle this ‘sleeping giant’ of a problem.”