Workplace Pensions Do Not Meet Needs

FUTURE PROOF: Three-quarters of workers are relying on their workplace pension to provide their retirement income - but most admit it won't be enough

Emma Wall 19 February, 2014 | 3:26PM
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Investors keen on a comfortable retirement know not to rely solely on the state provided pension to keep them out of pension poverty. But new data has now revealed that even workplace pension schemes may not be sufficient to provide members with a sufficient retirement income.

Workers are being urged to look elsewhere to supplement their pension pot as workplace schemes will not be enough to plug the “pensions gap” – the void between what pensioners need to live in comfort and the funds they actually possess.

A study by Barclays Corporate & Employer Solutions has found the majority of consumers paying into a workplace pension know their scheme savings will not meet their needs – although they are relying on these savings to provide the bulk of their retirement income.

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About Author

Emma Wall  is former Senior International Editor for Morningstar

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