The Financial Lives survey of 13,000 consumers by the FCA, the biggest of its kind, found that 31% of UK adults have no private pension provision and will have to rely entirely on the state in their retirement. The full state pension is £159.55 per week, but that is only available to individuals who have a complete record of national insurance contributions. The figures reveal a big gap between men and women: 33% of men expect to retire with just the state pension, but that rises to 53% among women. Most people with DC pensions state that they have relatively little in their pension pot. Half the people who have so far accessed their DC pension say it is not enough to live on.

Source: The Guardian October 21, 2017 06:00 UTC