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39% of Brits do not have a pension

In a survey of 2,000 Brits, Fairinvestment.co.uk has found that, on average, more than a third are not saving into a pension plan.

When it comes to age, the group least likely to have a pension is 18 and under, where 48 per cent do not have a pension. According to the survey, the age group most likely to have a pension plan in place is 46-50, where 29 per cent admitted to not having a pension.

And, as the UK moves through the stages of a recession, the study has found that of those who do have a pension in place, 20 per cent have had to either stop or reduce their pension contributions altogether.
The study found that 11 per cent of respondents have stopped paying into their pension since the credit crunch began, while a further nine per cent of pension holders have reduced their payments.

A further six per cent of those with a pension have stopped paying into it and transferred their payments into a savings account, which they consider to be safer following the volatility of the stock market in recent weeks.

Nevertheless, almost three quarters (72 per cent) of those with a pension have changed nothing about their retirement funding since the UK economy started on its downward spiral, implying an underlying confidence.

However, despite share prices tumbling, just two per cent of pension holding respondents said that they have increased their pension payments to take advantage of lower share prices.

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Date: 23rd, February, 2009

Author: Malcolm Gerrard

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