More failing to save for pension, says Scottish Widows

Maidenhead, Berkshire ( beforeitsnews ) January 4, 2013 – According to Scottish Widows, over half of workers are number of people are failing to save for their retirement and 22% were putting nothing at all into savings or a pension fund. This is a 2% rise in just one year.

The government recently launched the Auto Enrolment scheme whereby employees are automatically enrolled into a company pension scheme. This scheme will be phased over the next six years, and it’s estimated that four to eight million workers will be recruited into company pension schemes as a result of Auto Enrolment.

Gill Alton runs Alton Property Partners, offering a residential investment property service to help you build a portfolio for a secure financial future. Alton Property Partners provides a comprehensive and personal Property Portfolio Building Service for buy to let investment in the UK. Gill believes that propertyas a pension could be the anwer. She says:

“It is a massively worrying to hear that less than half of all workers today are saving in a pension. I would even go so far as to say that the Pensions Minister’s comment that this is a ‘big’ under saving problem under calls the issue completely, as this is a ‘massive’ problem and one the Government is attempting to address through the Auto Enrolment Scheme.

“With so many financial pressures on people today and consumer pressure to ‘have the latest this and that’ saving for retirement is easy to put on the back burner. After all it is not a burning issue today. Unfortunately however retirement planning is one of those subjects which people often don’t like to discuss till it is almost too late, what a shame if they had understood that the earlier you start the greater benefit you can achieve from the power of compounding.

“I can understand therefore the Government taking a bold step to bring in a retirement programme which picks up everyone who has not already made provision, as the Government simply cannot be relied on to be able to support everyone long term, particularly as we are all living longer.

“By starting Auto Enrolment with a very low contribution level and then gradually increasing the amount individuals and employers put in it is hoped that people will not opt out.

“The message is clear though – people need to take responsibility for their own futures, the Government will not be there to pick up the pieces for them. Property as a pension is a high performing alternative or addition to a traditional pension fund.”

Notes to Editors

Gill Alton is the founder of Alton Property Partners, which provides a comprehensive and personal Property Portfolio Building Service for buy to let investment in the UK. To find out how property could be the answer to your pension worries, and to find out more about property as a pension click here. Alton Property Partners manage the entire investment process, from sourcing property at a discounted value, co-ordinating the Mortgage, arranging the refurbishment, right through to ensuring it is ready for the rental market

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