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Pension savings 'falling short'

Millions of people could face poverty during their retirement years due to inadequate pension savings.

That is according to Darren Philp, director of policy at the National Association of Pension Funds (NAPF), who said consumers are currently on "a collision course" with their retirement.

Despite people's saving shortfalls, Mr Philp indicated that the launch of next year's auto-enrolment reforms could have a positive impact.

He stated: "The auto-enrolment reforms being introduced from next year are likely to result in five to nine million people starting to save into a pension or save more. This is a key opportunity to get the country saving for its old age."

The process of contributing to a pension scheme remains a "vital" part of people's finances, the expert added.

His comments follow the publication of recent Office for National Statistics research, which suggests the recession led to a sharp fall in the number of people making personal pension contributions.

Copyright © Press Association 2011

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