Pensions in 'perfect storm' as savings hit all-time low

The number of people saving adequately for retirement has hit an all-time low, while aspirations for pension income have risen, a Scottish Widows report has found.

The life company's ninth annual Pension Report said a 'triple-whammy' of economic uncertainty is making it difficult to save for the long term and highlighted many more pensioners are retiring in debt. The study of 5,200 adults found fewer than half (45%) are saving enough for retirement. It said one in five are saving nothing at all and more than a third are undersaving either 'somewhat' or 'severely'. Scottish Widows said despite UK pension provision falling to a lower level now than at the height of the recession (adequate provision stood at 54% in 2009) the nation’s aspirations f...