About one third of employees have had their pension plans hindered by the recession and will have to take more personal responsibility over the coming years, Towers Watson says.
The consultancy said fewer than four in 10 feel comfortable having to manage this responsibility. It said about 21% of private sector employees believe recent economic events mean they will have to work longer before they can afford to retire. A further 10% said they expected to retire when planned, but would have to scale back on their spending. Towers Watson senior consultant Paul Macro says: "Most employees today are aware that responsibility for managing their career and finances lies with themselves and they also recognise that, especially for pension planning, the shift towards ...
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