Scots 'not aware' of pension income
A study released by Aegon UK this week has shown Scottish people nearing retirement are the most likely to see it as the beginning of old age.
Furthermore, the research, published in the Scotsman, found 39.6 per cent of people between 50 and 65 do not know how much income they will receive annually from pensions.
In reality, 35 per cent of the age group will receive less than £10,000 per year of their retirement. In the UK as a whole, 86 per cent of those questioned thought they would have enough to live off if they gave up work at retirement age.
Speaking to the newspaper, the insurer's head of pensions policy Rachel Vahey said people needed to find out how much they would receive after saving for retirement.
"In a way the level of retirement income isn't the most important aspect – it's making sure that people aren't surprised to find out how much they have to live on," she commented.
Sipps and nest egg savings accounts may be ways to boost state or company pensions.
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