Over 13m Brits do not have a pension

By Tom Farley, Thu 11 Aug 2011 - Published in Pensions

Over 13 million UK adults do not have a pension, according to research by Baring Asset Management (Barings).

Its report revealed that nearly two-fifths of Brits are not in a scheme to provide funding for their retirement.

On top of this, 1.4 million people who are 55 and over do not have a pension in place.

Chief investment officer at Barings Marino Valensise said: "Having such a large number of people without any form of pension provision is very worrying.

"It is highly likely that for those approaching retirement age, continuing to work indefinitely will be mandatory given they have no other income streams."

Recently, wealth management service Addidi stated that the current UK pension system is extremely complicated at the moment.

Anna Sofat, director at the company, added that if the pension sector constantly continues to change, like it currently does, then Brits will not be able to keep on top of it and make informed decisions for their retirement plans.

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