In a recent survey, by the National Association of Pension Funds, found that just over a third of individuals living in the UK felt that their pension income would not be sufficient in retirement. Clearly, there is an awareness among many that there will be a deficit in their financial plans, yet it seems that many are reluctant to do much about it. It was this sentiment that led the NAPF to ask; just what would make individuals save into a pension fund?

What is encouraging for pensions is that 44% of respondents felt that a pension was the best way to save. This compares to just 18% who felt property was the optimal savings platform for retirement. So what is holding people back? Well, just over one quarter of people felt that they would feel much more confident about investing in a pension if they were assured they would not lose any of the money they put in. While a further quarter of respondents would like a guarantee that their pension money would not run out before they die. Existing schemes such as early withdrawals didn’t seem to appeal to many people, or really encourage the masses to invest in a pension.

It seems that the message is clear. People want more security and assurance that their money will be safe and secure in a pension fund. Furthermore, longevity of investments is key to gain the confidence of consumers. And there is no better time than the present to start making changes. For example, it is anticipated that by 2040, there will be one retired person for every two and a half working people. This will put a tremendous strain on government resources and state pension provision. Therefore, retirement planning is extremely important for Brits of all ages.