1 in 7 people aged 55-65 are approaching retirement without a private or workplace pension, according to research by Aegon.

Out of 2,000 people surveyed, 20% of women have no retirement savings, compared to 12% of men.

Younger people are less likely to have a pension – 41% of those aged 18-24 do not have a pension, compared to 16% of people aged 25-34.

Aegon has highlighted the importance of auto-enrolment for those in work who do not have a reliable means of retirement income.

Kate Smith, head of pensions at Aegon, said:

“There is a portion of the population who either feel unable to or are unwilling to save for retirement. This may include those who are self-employed or in the ‘gig’ economy and those employees who do not meet the earnings or age criteria for auto-enrolment.

“Our findings show how critical it is that the review of automatic enrolment brings more people into its scope and that we find equivalent nudges to help the self-employed and gig economy workers save for pensions as the default.”

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