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Over a third of Brits unsure about their retirement and pensions plans

By Tom Farley, Tue 30 Aug 2011 - Published in Pensions

More than a third of working adults in the UK do not know when they will retire and have no firm pension plans.

According to research by Baring Asset Management, around ten per cent of Brits do not think they will retire at all in the future, and 36 per cent are unable to say when they would like to end their time in employment.

On top of this, there are now over a third of working adults stating they plan to take their pension over the age of 61, which is an 11 per cent increase on figures from last year.

Marino Valensise, chief investment officer at Barings, said: "It is apparent that the outlook for those planning their retirement is very uncertain for many people. We have seen the cost of living continue to rise, making retirement more expensive and resulting in many more people having to put retirement off for a few more years."

Candidmoney.com recently noted that saving for a pension for the future remains a "pipedream" for many Brits in the current economic climate.