Pru says one in six have no pension

One in six people (16 per cent) planning to retire this year have no private pension and will depend entirely on the state, research from Prudential revealed today. The Class of 2012 research shows the average person planning to retire this year will look to the government for 34 per cent of their income, with state pension payments set to rise to £107.45 a week. Company pensions are the second highest source of income, accounting for 35 per cent, with the remaining 30 per cent coming from a mixture of savings, investments personal pension saving, part time work and money from family members.