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People urged to 'wake up' to pensions

Around eight to ten million people in the UK currently don't have any form of pension arrangement available to them, an industry body has claimed.

This statistic is even more worrying than the nine per cent of people who don't know what kind of pension they have, according to Fidelity Retirement research, Des Hamilton, technical director for The Pensions Advisory Service, said.

While the government's minimum pension scheme requirements will help the people with nothing available to them at the moment, it is only a minimum and people still need to be doing "a lot more" towards their retirement, Mr Hamilton explained.

He stated that people would increasingly have other assets, such as property, available to them in retirement, which could provide an added income source through equity release or downsizing.

Mr Hamilton commented: "The main thing is people waking up, looking at what they're going to get - both from the state provision and their employers' provision - and deciding that: 'I've got to get a plan into action now, not when I'm 55'."

Research from Investec Private Bank revealed that 54 per cent of women with a pension fund think that it will not bring in strong enough returns to provide for their income when they retire.

Landlord Mortgages “We must put this research in context, the home is his pension and with so many turning to Buy To Let it is no surprise that traditional pension provisions are dwindling in numbers.”

Insurances Limited “Pension Plans are becoming very diverse in nature, you are now able to invest in art, cars, coins, property and shares. It is very hard to gather enough accurate data when pension provisions are accumulated from many sources.”

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