Retirement planning: Workplace pensions lead the way

Workplace pensions lead the way when it comes to what working age adults see as their primary source of money for their retirement. That was the conclusion of a YouGov poll of 2,000 people, which found 1 in 3 consumers listing this as their main source of income, followed by the state pension (21 per cent). Some 17 per cent said that they didn’t know what their main source of retirement income would be and winning the lottery and a lucky game of roulette were cited by the more optimistic.The research, carried out for the National Employment Savings Trust, found the main source of retirement income to be:· 33 per cent said workplace pension· 21 per cent said state pension· 17 per cent said they didn’t know· 12 per cent said private pension· 9 per cent said personal savings· 5 per cent said they didn’t think they would ever retire· 2 per cent said other{desktop}{/desktop}{mobile}{/mobile}Matthew Blakstad, head of member policy at NEST, said: “It’s interesting to see that saving into a workplace pension is becoming the norm and that many people intend to use it as their main source of retirement income.“Five million people have been auto enrolled into a workplace pension scheme in the last three years and there are five million more to go. Auto enrolment is a helping hand to bring us all closer to achieving our retirement aspirations.”Half said they didn’t think they were saving enough to live comfortably in retirement and 22 per cent didn’t know whether they were or not.But the top retirement planning priorities were clearly holidays and travelling. Vacations were the among most important aims for 62 per cent of the 2,000 who were surveyed, with relaxing at home second at 49 per cent. Treating grandchildren was also ranked highly.Matthew Blakstad, head of member policy at NEST, said: “Future retirees are setting their sights on living life to the full. It’s fantastic that people are planning to carry on enjoying the things they love doing today in later life.“Many of us regularly put aside some of our wages to fund our summer holidays. Financing how we want to spend our retirement needs the same kind of forward planning.”Respondents were asked to select the five activities they would most like to do during retirement. The top activities were:1. Go travelling or on multiple holidays (62 per cent)2. Relax at home (49 per cent)3. Take up a hobby (45 per cent)4. Dine out regularly (38 per cent)5. ‘Treat’ grandchildren (28 per cent)

Retirement planning: Workplace pensions lead the way

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