Nearly half of Britons can't afford to save for pensions while Bank of England boosts Governor’s pension by £1.4M

Tuesday 1st February 2011

Research carried out by YouGov for the National Association of Pension Funds (NAPF) has revealed that just over half of Britons currently working fear that they won’t have enough money to live on when they retire. 43 per cent said they could not afford to save for a pension.

These figures have been released on the same day as news that the Bank of England has topped up Governor Mervyn King’s pension by £1.4 million, meaning that when he retires in 2013 he will be eligible to draw £198,000 annually.In light of YouGov’s research, the NAPF has set up The Workplace Retirement Income Commission to investigate the problem which will be headed by former chairman of the Treasury Select Committee Lord McFall.Lord McFall said on Monday: "Half the workforce is on a collision course with a long retirement spent in poverty. It's unacceptable that so many will head into old age worried about how they are going to get by. "A greyer Britain is one of the biggest challenges our society faces and there's a huge gap in public policy which must be filled. We need to find a sustainable and more universal approach to saving for retirement." Questions regarding Mr King’s salary and pension at the Bank of England surfaced following his warning last week that Britons faced a reduction in living standards that hasn’t been felt since the 1920s, as disposable incomes plummet due to wage freezes, tax rises and inflation.Last year Mr King was paid a base salary of £302,885. The Bank of England offers its senior directors one of the UK’s most generous pension schemes: they are entitled to two-thirds of their salary after twenty years, during which time they are not required to make any contributions.
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