ONE IN SEVEN WILL RETIRE WITH NO PENSION, RESEARCH SHOWS

• Women are nearly three times more likely than men to retire with only the State Pension
• Almost one in five will retire with income below the Minimum Income Standard • The State Pension will account for 35 per cent of average retirement income for those planning to retire in 2014

One in seven (14 per cent) of those planning to retire this year has made no personal pension provision and will be either totally or heavily dependent on the State Pension, according to research by Prudential1.

The insurer’s seventh annual ‘Class of’ study, tracking the future plans and aspirations of people who plan to retire this year, shows that in the Class of 2014 women are nearly three times more likely to rely on the State Pension than men – 20 per cent of women say they have no pension savings compared with seven per cent of men. 

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