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| Pensions gap reaches "catastrophic" levels |
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| Latest Recruitment News - HR and Recruitment Legislation News |
| Written by DirectNews Feed |
| Thursday, 20 May 2010 00:00 |
 New research released today (May 20th) has found that there is a big difference between what workers expect to receive in their pensions and what they will actually get. According to a YouGov poll, which was commissioned by Hewitt Associates and questioned 2,000 people, an average British worker has an "expectation gap" of around £50,000 in their pension savings. This amounts to a nationwide total of £1.2 trillion in money that workers will miss out on in their years of retirement and indicates a 50 per cent increase on the amount recorded in the last survey, which was conducted six years ago. Hewitt attributes this hike in expectation to increased longevity, a higher cost of living and pensions that have become less generous in their payouts. Lynda Whitney, pension consultant at Hewitt, said that employers must ensure that they educate their staff about pension plans in order to avoid any increase on what is already a "catastrophic shortfall". "Government and employers have a responsibility to find ways of increasing general awareness or understanding," she added. Posted by Daniel Frost 
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