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Many cannot afford pensions, claims expert
13 June 2008
Employees may not be able to retire at 75 as their pension will not be large enough to support them, claims a pension expert.
Many workers cannot afford to contribute to their pension because of the credit crunch and by 2013 the majority of older people will not have sufficient income from their pensions to be able to retire, claims John Moret.
Mr Moret, director of sales and marketing at Suffolk Life, said: "The argument is that annuities offer a secure income in retirement but a lot of people say they can't afford to save enough so that the income levels offered to them are below a secure level anyway."
While the average life span in the UK is 82, people who reach 50 have a 47 per cent chance of living to 90, according to a survey by Life Trust.
People can only claim the full State Pension rate having made National Insurance contributions for around 90 per cent of their working life, according to the Pensions Advisory Service.
