Des Hamilton from the Pensions Advisory Service (TPAS) claims that there could be close to ten million employees around the country who have no savings put aside for their retirement at all.
And the proposals from the government to introduce a National Pensions Savings Scheme in 2012 would only provide a “minimal” level of financial security during retirement if introduced, Mr Hamilton suggests.
“It’s reckoned there’s something like eight to ten million employees in the UK at the moment who don’t have any form of pension arrangement available to them,” he said.
“It’s very difficult to see what these people are going to do in retirement.”
The warning from TPAS comes only weeks after the Consumer Credit Couselling Service reported that the burden of debt management problems is increasingly shifting on to Britain’s more elderly generations.