Workplace Pension 'Safest' Way to Fund Retirement

FUTURE PROOF: Britons back workplace pension schemes and property as the best way to save for retirement, as more savers wise up to the benefits of long-term investing

Emma Wall 24 June, 2015 | 4:50PM
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Are you ready for retirement? Thanks to longer life expectancy most of us now expect to work for longer, with the majority of Brits expecting to retire between the ages of 65 and 69. With the average Briton living until 82 years, this means our savings will have to fund more than a decade of retirement.

According to the latest Wealth and Assets report from the Office for National Statistics investors consider workplace pensions the safest way to fund this retirement – and they would certainly be on the right track. Thanks to auto-enrolment, around 10 million people in the UK will be saving into a pension scheme by 2018. The Government-led initiative was launched in October 2012 to boost the number of Britons saving into a pension, and ensure they have enough cash in retirement to maintain a comfortable standard of living.

It is the most efficient way to provide a personal income in retirement, as every contribution made by the individual is matched by their employer and topped up with tax relief by HMRC.

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About Author

Emma Wall  is former Senior International Editor for Morningstar