October 6, 2012 (Powerhomebiz.com) Almost half (46%) of UK business owners – or 1.3m people – have no private pension savings to support them in retirement, according to new independent research from Prudential.
Of those who have failed to make any private pension provision, more than half (54%) said this was because they simply could not afford to set money aside.
Nearly one in five (18%) say they don’t have a pension because they will never retire, and 9% claim they have sufficient funds in a company pension from previous employment.
Nearly one-third (29%) of business owners say they will be entirely reliant on the state pension when they come to retire.
Other self-employed workers will supplement their retirement incomes with money from a mix of alternative sources: 48% will draw on other savings and investments, 25% will use equity from their properties, 25% plan to use their partners’ pensions, and 19% plan to use funds from the eventual sale of their businesses.
Prudential asked those business owners who don’t have a pension whether they plan to start one in the future, and the majority of respondents (63%) said no.
Stan Russell, retirement expert at Prudential, said: “It’s sometimes hard for self-employed workers to distinguish between their business and personal finances. Often, investing in the business takes priority over saving for retirement – an issue that is particularly prevalent now, given the tough economic conditions facing UK businesses.”
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