Almost 7 million over-50s have no private pension

Nearly 7 million people aged over 50 in the UK have no private pension savings, according to research by SunLife.

Its annual Life Well Spent report found that 20 per cent, or around 2.4 million, men over 50 and 33 per cent, or 4.4 million, women over 50 were relying on the state pension alone to fund their retirement.

The Pensions and Lifetime Savings Association’s Retirement Living Standards state that £12,800 a year is needed for even a minimum standard of living in retirement, over £2,000 more than the state pension provides.

Of the over-50s with no private pension, 92 per cent were worried about money, while 85 per cent were concerned about the rising cost of living.

More than half (55 per cent) were fearful of sudden unexpected costs and 39 per cent were worried about running out of money in retirement.

Even those who did have a private pension expressed financial concerns, with 86 per cent having financial fears, 69 per cent being worried about the cost of living, and 36 per cent having concerns about running out of money in retirement.

People aged over 50 that are yet to retire were the most concerned, with 43 per cent worrying they will not have enough money in retirement.

By comparison, 27 per cent of those who are already retired were worried about running out of money.

SunLife also found that 18 per cent of working homeowners aged over 50 had no private pension savings, while 17 per cent were going to rely on the state pension alone.

Commenting on the findings, SunLife CEO, Mark Screeton, said: “It is really worrying that so many over-50s – particularly women – are relying on the state pension alone to fund their retirement.

"That level of income is just not enough to sustain even a basic standard of living, let alone a lifestyle that most people would call ‘enjoyable’."

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