Delaying saving 'til 2012 could halve income

Figures put forward by Scottish Equitable reveal delaying saving for six years until the introduction of personal accounts will reduce pension income between one third and one half depending on a person’s age. The company, part of Aegon UK, says this scenario is entirely possible as the uncertainty of future pension reforms could put many people off saving, leading to a 39% cut in future pension income for a 30 year old. Scottish Equitable says people should not be lulled into a false sense of security over the state pension reforms, as while the changes already announced are to be welc...