Pension fears for thousands in North

The majority of North East workers are ill-prepared for retirement, according to new research.

A survey by The People’s Pension reveals that 61% don’t think they’re saving enough and 62% believe they won’t have enough money to maintain the lifestyle they would like in retirement.

The poll, conducted by YouGov, also found that more than half of people (56%) are concerned about saving money for their retirement.

To afford life in retirement, 49% intend to rely on a private or workplace pension, nearly a third (36%) will carry on working part-time, 26% will use their savings and 23% are reliant on their partner’s pension.

Others are depending on inheritance (17%), and 11% plan to downsize their home.

Ahead of the General Election, The People’s Pension – a leading, not-for-profit, multiemployer pension scheme – is calling on the next Government to bring millions more people under auto-enrolment and help more workers save.

Gregg McClymont, the director of policy at The People’s Pension, said: “While automatic enrolment has got off to a great start, it’s clear that millions of people still aren’t saving what they need to.

“We’re calling on the next Government to build on the success by helping workers to save more and ensure that millions of people aren’t unnecessarily excluded from auto-enrolment.

“It’s key that North East savers have their full pension picture to help them save for the future. We also want to see the introduction of a onestop, free from commercial interference, public dashboard, which enables people to keep track of all their pension savings.”