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Will I qualify for the full pension?

It all depends on how much National Insurance you have paid during your working life or how much has been paid on your behalf. If you are an employee and earning more than around 4,300 a year then NI contributions will have been paid this should be made clear on your pay packet every month.

If you are self-employed and make more than around 4,400 a year then you should be paying NI contributions as well. You can check your record by contacting HM Revenue & Customs on 0845 9154811. Or read on to see how to get a proper forecast of your pension entitlement.

The Divide in Pensions

The divide between the have and have nots is showing in those over the age of 55 years. Over a quarter do not think they will be able to retire at the statutory age.

The divide is seen between those that could retire early with a food pension and those that must continue to work in to their retirement just to make ends meet. Many stay at work after retirement so they can continue to have independence.

Over 40% are considering working past the retirement age to boost their pensions. Over the half interviewed consider people should be forced to save for their retirement.

The research found that people over 55 years old are worried about their future finances. 40% say that money is tight and over 20% thought more about their financial security than their health. Around a quarter say their home is their only investment. Some see saving for retirement less important than a house or holidays, others just cannot afford to save.

56% of working age people expect to live more than 20 years beyond retirement so it is clear that they should do more to control their finances.

Research showed that 22 million adults risk poverty in retirement and 9.6 million adults have no long-term savings or pension. Around 30% interviewed thought that they would need 15,000 to 20,000 to live comfortably in retirement.

It is considered that personal accounts will help people to realise the importance of saving.