Pension planning 'is lacking for over 50s'

Pessimism and non-participation in pension schemes could cause problems for over 50s, according to research.

Poor pension planning could be paving the way for a delayed or deprived retirement for over 50s, according to research.

Statistics published by Barings Asset Management has revealed that 24 per cent of those over 55 are without any pension provision at all, leaving them facing a potential lack of retirement funds.

According to separate research conducted by the Chartered Institute of Personnel and Development, the reason that many are failing to invest is one of affordability, while others are looking to rely on other sources of income, or even work for longer.

Global investment management group BlackRock described the negative attitude towards pensions as "amazing" and suggested that much of it could stem from a lack of understanding on the way such schemes function.

Steve Rumbles, spokesperson for the group, stated that action should therefore be taken both by the government and by workers to improve engagement with pensions and future financial planning.

He said: "It's very easy to be pessimistic… [but] you have got to react to these things."

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