Workers 'failing' on pensions provision

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An increasing number of British workers are failing to provide adequate funds for their retirement, a new report claims.

A study carried out by the Alliance Trust states that around 25 per cent of employees between the ages of 30 and 49 have no provision for their retirement.

Women are less likely than men to have put away funds for their golden years - with 31 per cent admitting to having no pension funds in place, compared to 22 per cent of men. Around 75 per cent of workers in this age group say that they have "no confidence" that they will be able to adequately provide for their retirement.

"It is worrying to see that many in the prime of their working lives are most uncomfortable about their retirement prospects," Hyman Wolanski from the Alliance Trust said.

"One important point for them to remember is that pensions aren't the only way to save for retirement; other more accessible savings products, such as ISAs, could be more appropriate earlier in their savings life, with the option to transfer some of this money into their pension fund later on in their career."

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