Research has found that more than 6 million people aged over 50 have no pension provision in place. This worrying statistic is a culmanation of people expecting to fall back on the state pension and saving little or nothing for their retirement. The figures released from the fifth annual LV= State of Retirement Report showed 28% of over 50s do not have either individual or company based pensions.

It warns that the governments intention to give all pensioners £140 per week falls significantly below the current minimum wage of £11,477. Of those questioned 43% said they could not live on that alone and over 27% said they would really struggle.

If you would like financial advice on planning for your retirement, please contact us on 01494 455655.

The Bank of England’s monetary policy committee has voted to keep the base rate at 0.5 per cent. The base rate was cut to 0.5 per cent in March 2009 and has remained at a record low for 38th consecutive months.