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Findings suggest which UK regions are adding the most to their pension pots

Findings from True Potential Investor, report that the regions with the largest proportion of people saving over £5000 towards their pensions each month are: Northern Ireland, North East of England and London.

UK private pensions provider has reported detailed findings in the graphic below, from Q3 2016.

The lowdown on pensions

For most of you, your pension might be at the back of your mind because it seems like a lifetime away. However, as recent press attention has showed us, putting money towards our post-retirement fund is incredibly important. It is never too early to start planning for your pension.

But with this in mind, people put off planning their pension because they are unaware of the options available to them. Here, True Potential Investor explain the options:

Attitudes towards the UK pensions:

According to the Office for National Statistics (ONS), there has been a drop in people contributing to their pensions. Figures show 50% of people didn’t contribute to their pension in 2014/15 — up from 38% in 2010/11. This stagnation is largely attributed to rising living costs and unemployment.

2016 has seen a shift in attitudes and, according to True Potential Investor, there was a drop in the amount …

Realistic retirement plans

After working for the majority of your life, it is likely that you have made some dream plans for retirement. But as pension pressures and debt demands rise, are your retirement plans realistic? A round-the-world trip has been the retirement dream for many – but is it affordable now? In a recent survey by personal pension provider, True Potential, they question if our retirement plans are out of our reach.

Unfortunately, the survey’s figures suggest so. In fact, they suggest that the younger generation of 25-34 year olds are the only ones keeping this dream alive. In Q3 2016, 25% of 25-34 year olds said they would like to spend their 25% tax-free pension lump sum on a round-the-world trip. However, as for the generation close to retirement, just 2% of over 55s said the same. Perhaps this disparity between age groups is a result of a more realistic outlook …

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