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One in ten Brits ‘will never retire’

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One in ten of us – the equivalent of 3.1 million people - do not plan to retire, according to research by Baring Asset Management.

Of those who do plan to retire, 37% said they do not know when they will, up from 34% in 2014.

The survey found the average age people expect to retire is 62, and that over a third (34%) of people aged 65+ said they don’t plan to retire, up from 32% in 2014.

Almost a third (31%) said they have no formal pension versus 33% in 2014. This figure has been falling over the years, and compares to 38% in 2011, for example.

More than half (53%) of 18-24 year olds say they don’t have a pension at all, while there is a sharp difference between men and women – 23% compared to 38%, respectively, who admit to not having any form of formal pension.

Baring Asset Management’s Rod Aldridge said: The pressures on people to save for the future and plan properly are growing not shrinking, particularly in light of the recent changes to pensions and annuities implemented in April this year, and it remains fundamentally important for everyone to get a better understanding of the benefits of planning ahead and thinking about how they will fund their retirement.”

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