Scottish Widows: half of UK workers not saving enough for retirement

The Scottish Widows UK Pensions Report 2008 also found that, among current retirees, one in six (17pc) who received a tax-free lump sum from their pension used it to pay off a mortgage, while a quarter (24pc) used it to pay off other debts. Ian Naismith, head of pensions market development at Scottish Widows, said: "It is encouraging to see that so many people are enjoying themselves after they retire, but it is vital that people who are still working realise the difference between wanting a good retirement and actually planning for one. It's a shame that some people need to spend their ...