More than a third of working Brits have no pension plans

By Tom Farley, Wed 14 Sep 2011 - Published in Pensions

Over a third of British workers admit to not having a pension in place, according to research by Prudential.

The firm's report highlighted that this means almost 15 million people will solely rely on the State Pension to fund their retirement.

Furthermore, the survey revealed that of those who do pay into a scheme, on average they contribute 6.2 per cent of their annual income into their pension.

Vince Smith-Hughes, head of business development at Prudential, said: "Making regular pension contributions is a vital part of securing a comfortable retirement.

"The more money which is stashed away from an early age, the more likely that significant rewards will be reaped later in life," he added.

Scottish Widows recently revealed that over a quarter of working Brits do not know how much they pay into a defined contribution pension scheme.

On top of this, almost two-fifths of employees are unaware of how much their employer puts into the retirement fund either.

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