UK Money News
18th January 2008
Pension savings 'need to last a long time'
The National Association of Pension Funds (NAPF) has announced that many people are risking disappointment in their old age by failing to properly prepare for retirement.
NAPF spokesperson Mark Brooks stated that there may be as many as seven million people in the UK who are not putting enough money in to pension and saving schemes.
He added that a higher life expectancy and higher demands regarding standards of living are increasing the likelihood that people will find it difficult to cope as a pensioner.
"The earlier a person starts saving, the easier it will be," Mr Brooks advised.
According to research by the government's actuarial department, life expectancy for men and women is expected to rise to 86 and 89 respectively by the year 2050.
"The average person will be in retirement for 18 years or even longer, so retirement savings need to last a long time," Mr Brooks said.
The advice follows a recent report by the Department of Work and Pensions that a third of Britons are failing to put any money aside to cover the cost of retirement
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