Workplace pensions 'always a good idea'

Wed 17 Feb 2010 - Published in Pensions

People should take up a workplace pension when they are offered access to a scheme, an expert has recommended.

Robin Ellison, head of strategic development of pensions at international law firm Pinsent Mason, said that a range of factors are making it more important for people to ensure they have a reliable source of retirement income.

He pointed out that life expectancy is increasing, so people will have to fund their life after work for longer, while many retirees will find it very difficult to live on just a state pension and their savings.

"If you're in a company that offers a pension scheme - something like a one-for-one, or a two-for-one very often - you should grab it with both hands, because there is nothing that is better for you," the expert added.

Mr Ellison also recommended that people attempt to put aside 20 to 30 per cent of their income as savings for their retirement, but added that this will be difficult for the majority.

Recent research published by Prudential found women currently expect to retire on an average annual pension of Ł12,169, while men are anticipating Ł19,593.

News Categories

News Archive

News: Workplace pensions 'always a good idea'