Nearing retirement - and no pension

Almost four in ten British adults don't have a pension, including 1.4 million who are within a decade of retiring.

Research by Baring Asset Management found that although the number of women saving into a pension has crept up, fewer men have a pension than last year. Three in ten men are currently without a pension, up from 28 per cent a year ago, while the number of women without a pension has dropped from 47 to 44 per cent in the last year.

Almost half of 25 to 34-year-olds are not yet saving into a pension, while 7 per cent of people over 65 don't have one. Many are relying instead on property to fund their retirement, and one-sixth of over-65s are still working.