A report issued by JP Morgan Fleming claims that 54 per cent of the UK workforce will retire on pensions less than 40 per cent of their earnings. State benefits would possibly need to be relied on for people to manage.
The report stated that people over the age of 60 have seen the worst drops in pension. Since 1997 the percentage of people facing difficulty in retirement has grown 20 per cent to 76 per cent for men and 80 per cent for women.
The report also claims that people are saving under £700 per year towards pensions and are missing out on £billions in tax relief from the Government.
However, people living in Northern Ireland and the East Midlands are more likely to have a comfortable retirement.
Learn more about pensions in the Pensions Adviser.com.
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