Average pension fund ‘needs to last 18 yrs’

Up to seven million people have not put enough money away for their retirement, according to the National Association of Pension Funds (NAPF).

The body claimed that one-third of Britons are set to be disappointed with their pension provisions when they reach retirement.

Mark Brooks, spokesperson for the NAPF, remarked that people are not only living longer, but expect a higher standard of living these days.

Both of these factors are only exacerbating the problem, he said.

“Those who are not putting adequate money aside for their retirement pension will be disappointed when they become a pensioner,” he added. “But the earlier a person starts saving, the easier it will be.”

Mr Brooks claimed that a sufficient pension fund will be enough money to last someone at least 18 years without working.

The government’s Actuary Department has predicted that by 2050, the average man will live to age 86 and the average woman till she is 89.

© Adfero Ltd

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