Four in ten workers have no pension

FOUR out of 10 workers are not saving for their retirement, highlighting the pensions 'timebomb' set to explode in Britain, according to a survey today.

Research for Amicus showed strong support for compulsory occupational pension schemes being set up to tackle the 'crisis'.

The survey of 600 workers, published ahead of the second reading of the Government's Pensions Bill today, showed 40% had neither occupational nor private pension savings.

Two out of three people aged between 16 and 24 and almost half of those aged between 55 and 64 had no pension provision. Only 21% had a private pension and 24% contributed to an occupational scheme.

Union officials said they were 'shocked' at the results. Derek Simpson, general secretary of Amicus, said: 'Clearly people are concerned about their income in retirement and the Government has a duty to ensure that people's lives after work are safe and comfortable.'