- Thursday, 28 January 2010Retirees without a pension fund could need
IVA advice as they place themselves at a higher risk of debt problems.
New research from Prudential has found that one in five people planning to retire in 2010 have no pension, and will rely on the state and their savings.
Some 31 per cent of the people surveyed in the study either do not know how much the basic state pension pays, or over-estimate the individual weekly amount by £25 or more.
Prudential's director of defined contribution solutions Martyn Bogira said relying on the state pension alone may leave many struggling to stay on top of their finances.
"There is still a clear need for people to understand the consequences of not making adequate provision for their retirement," he said.
"If the basic state pension is your only source of income you could be in an extremely precarious position financially."
The basic state pension for a single person is £95.25 per week.
Financial advice firm Think Money stated that although some pensioners will manage on their regular savings, many of those without a pension fund may struggle and could place themselves at a higher risk of debt problems.
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