A new study by Pension Trends has found that in 2002-03, 55% of men and 73% of women held less than £10,000 in their stakeholder and personal pension funds. The report also found that there were 9.4 million individuals in the UK holding personal and stakeholder pensions.
Half of people with pension funds of £50,000 or more had earnings of around £30,000, but 61% of people with stakeholder or personal pensions made less than £20,000 in 2001-02. They believe that the median pension pot for men aged between 50 and 54 was £75,000 and £60,000 for women. These included occupational and personal pensions.
However, the Institute for Fiscal Studies believes that the mean value of pension wealth for men aged 50 to 54 years old is only £46,000 compared to £51,000 for women of the same age.
Our view
Most people do not save enough. The pension crisis will impact on those who do not save.
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