A major new report into the UK’s pensions industry has found that just a third of savers are set to reach their retirement income targets.
The report commissioned by US-based insurance giant MetLife and carried out by independent expert Dr Ros Altman found the current UK pension savings system was outmoded and “not fit for purpose”.
The research found that millions of people saving for pensions were being “exposed to risks they do not understand” by paying into non-guaranteed schemes, and only 33% were likely to save enough to reach the income target for their retiral.
Dr Altmann said: “New thinking on both pensions and retirement is urgently required, and those who want the best chance of better incomes will need to plan carefully for the future.”
