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29/01/2010 18:15:38

Savings in a workplace pension 'will ensure quality of life'

Adding savings to a workplace pension will ensure that people enjoy a better quality of life when they retire, it has been suggested.

According to research by Prudential, almost a fifth - 18 per cent - of people planning to retire in 2010 will be reliant on their state pension and savings.

Mark Brooks, spokesman for the National Association of Pension Funds, said: "Saving into a workplace pension clearly improves the quality of life when people retire. We need to ensure that they have that opportunity and we need to ensure that people take up that opportunity."

He added that the body believes everyone is entitle to a good quality, affordable workplace pension and that it would help to reduce the number of people who are solely reliant upon state benefits when they retire.

It has recently been suggested by Rockingham Retirement that people retiring at the age of 65 will need to live for a minimum of 17 years simply to get back the savings they have in their pension fund due to historically low annuity rates.

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