Pensions planning 'essential' for comfortable retirement

UK workers are advised to examine their pensions and savings in order to avoid suffering a "significant change in lifestyle to fund their retirement".

Prudential retail life & pensions managing director Gary Shaughnessy made the comments after research released by the company claimed that more than five million UK adults believe they will not be able to afford to retire.

The survey also found that the majority of UK adults are intending to use other savings and investments such as cash savings and Isas, investments, inheritance and equity release schemes.

Commenting that the research reveals the lack of confidence UK adults have in the existing pensions system, Mr Shaughnessy said the report makes "depressing reading" and "highlights how many people fear they will not be able to afford to retire".

"Non-pension savings, investments and equity in property all play a vital role in enabling people to maintain their lifestyle in retirement," he added.

In related news, recent research from Scottish Widows has claimed that only 49 per cent of people are saving adequately for their retirement.

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