37% of people in employment do not have plans for their retirement. Of 1,500 people quizzed, 555 said that they do not know when they will retire. Of the participants who did have retirement plans, the average age they expected to retire was 62.
More than one in ten employee respondents look to their employer for support with retirement planning. 14% of respondents also felt that it is an employer’s responsibility to help them understand the asset allocation of their pension fund.
8% respondents are currently on track to achieve the retirement income as they aspire to. 22% of those respondents have checked the performance of their retirement savings since UK pension freedom where introduced in April 2015.
60% of respondents believe the pension freedoms in the UK will fundamentally change the decisions that need to make, yet 51% do not currently deliver pensions communications to their staff and have no plans to do so in the future.
66% Two thirds of employees said that they expect to work over the age of 65. The research, based on 1,080 responses from employees also found that 11%of respondents anticipate that they will have to work past the age of 76, or will never retire.
Don’t be one of the 8%
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