Retirement planning is not just about pensions, but Scottish Widows' latest workplace pension report reveals private pension saving does not loom as large in most portfolios as it should.
The provider asked 5,200 UK adults of varying incomes where they believe their retirement funding will come from. Below are their responses. 1) The state pension (50%) This is currently a maximum of £102.15 for a single person, but it is to be replaced in 2015 by a £155 per week universal state pension. Even so, it will still only be equivalent to a £8,060 per year annuity. 2) Cash savings including cash ISAs (44%) Nearly half respondents are relying on cash savings such as cash ISAs for their future, despite ISAs only offering tax relief on £3,600 per year to pensions' £50,000. ...
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