The UK Pensions Report 2012 has found that retirement savings are at an all time low.
The Scottish Widows UK Pensions report, based on a YouGov survey of 5,200 UK adults, also found that less than half of people are saving enough for retirement, and one in five are not saving anything at all.
With only three weeks before the new auto-enrolment scheme comes into force, another surprising fact that came to light was that 52% of the population knew nothing about it.
The Head of Business Development, corporate pensions at Scottish Widows, Lynn Graves, stated: ‘substantial work must still be done to encourage people to save enough for retirement and this is a challenge for government, the pensions industry and employers.’
Auto-enrolment is being introduced to help those who don’t have access to workplace pension schemes, such as those who work for smaller employers or those on low incomes.
To find out about other changes affecting the actuarial and pensions sectors, take a look at this article on the Future of the Pensions Sector.