More than 6 million people aged over 50 have no pension provision in place and look set to rely solely on the state when they stop working, research has found.
The fifth annual LV= State of Retirement Report showed 28% of over 50s do not have either individual or company-based pensions. It warned, even with government's intention to give all pensioners £140 per week income would be significantly below the current minimum wage of £11,477. When asked if they could live on the equivalent of the minimum wage in retirement, 43% said they could not live on that alone and over a quarter (27%) said they would really struggle. People with private pension savings have an average income of £7,488, which added to the state pension allowance is on a p...
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