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WESLEYAN - Financial care since 1841

Reliance on state pension revealed

The state pension will be the sole income for one in five people who finish work in 2011, according to a survey.

A poll by Research Plus revealed that about 20 per cent of people who stop working this year will not have a personal or company pension to boost their retirement income.

A higher proportion of women - 28 per cent - will only have the state pension and other benefits to meet their day-to-day financial needs.

Many people had miscalculated how much money they would receive from the state pension, with one quarter thinking they will get at least £110 a week, compared with the £97.65 a week that is currently paid to a single person. A further 13 per cent of people admitted they had no idea how much the state pension was worth.

The average person retiring this year will rely on the state pension to provide 37 per cent of their income post-work, while 35 per cent will come from a company pension, a further 10 per cent from other savings and investments and 9 per cent from a personal pension.

People expect to get 6 per cent of their income from a part-time job and 2 per cent from property, either through rental income or equity release.

People in Wales are the most reliant on the state pension, with 29 per cent saying it will provide their only income, compared with just 12 per cent of people in the West Midlands.

Copyright © Press Association 2011

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