Nearly half of women have no pension savingsMajor regional differences in pension planning

14 September 2010


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47% of women who are not retired (8.7 million) in Great Britain have no pension savings, according to new research from Baring Asset Management (Barings).

The proportion of women without a pension fund is increasing year-on-year. The corresponding figures in 2009 and 2008 for women who have yet to retire were 40% and 39% respectively.

One in five aged 55 to 64 has no pension fund

The most worrying research finding is that more than one in five (22%) non-retired adults aged 55 to 64 do not have a pension fund at all. Four out of 10 people aged 25 to 34 don't have a pension plan, while the figure for those aged 35 to 44 is one in three (32%).

Baring's research also indicates that there are over one million people aged 65 or over who have not yet retired, but it warns that this number could increase dramatically as a result of so many people not having pension plans.

Unsurprisingly given these figures, 12% of non-retired people plan to use their property as their pension. The corresponding figure in 2009 was 8%.

North West is least-prepared region, Wales is the best

On a regional basis, Barings' research reveals that 47% of people in the North West are without a pension plan - the highest percentage for any part of the country. The corresponding figure for Wales is 27%, the lowest for Britain.

Percentage of people yet to retire who don't have a pension plan:

  • North West 47%
  • Eastern 44%
  • London 44%
  • East Midlands 41%
  • South East 36%
  • West Midlands 35%
  • Scotland 35%
  • North East 34%
  • Yorkshire and Humberside 31%
  • South West 30%
  • Wales 27%

Plan for your retirement

If you want to save for later life but don't know where to start, read the Which? guide Planning your retirement. This handy guide includes a retirement countdown, showing the steps you need to be taking at each lifestage to ensure a comfortable retirement, as well as details of the state pension, alternatives to pension funds and useful contacts.

Which? and Which? Money members also get free access to the Which? Money Helpline. Our expert advisers can help you explore your options. See your latest magazine for the number to call.

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