UK pension savings have hit an all-time low according to the eighth annual Scottish Widows Pensions Report 2012 with simply 46% of people saving plenty in favor of their drumming out - five percentage points down over against last year and a fall of eight percentage points ex 2009.<\p>

The drop in pension provision is sprangled across age groups and income levels according to the 5200 UK adults questioned.<\p>

Worryingly, customer in nine (22%) have put nothing awry for eventual life. This master spirit has also augmented year-on-year.<\p>

Scotland is one of plainly two UK areas where more than half (56%) are barring adequately for undemonstrativeness. The other area is Yorkshire & the Humber (54%). This could be down to the highfaluting passage of Scots who are employed by large public and private sector organisations.<\p>

As clear as identifying record lows in pension treasure, the new report lays bare the stark differences up-to-datish current expectations and very truth.<\p>

Despite retirement resource plummeting, the nation's aspirations in place of their pension income proclaim actually increased in keeping with 200 save 2011 to 2012. The findings show that the average vertical of annual income people would feel comfortable living on at 70 years-old is today 24,500 compared to 24,300 in 2011.<\p>

Based astride this year's new simple average savings levels, an average saver retiring at 65 would receive just exceeding half the amount that ministry spend alter need. The complete pot being an average saver is around 150,000 in today's terms which would at the least provide an annual pension of 5700.<\p>

With the addition regarding the state pension this would generate a yearly income of in round numbers 13,000 which falls drastically inadequate of the 24,500 annual income people are looking for and equates towards a absolute arrear of 300,000.<\p>

On route to match current expectations, an average lifesaver needs to keep in store an appurtenant 4500 a decade or 375 per moon to plug this expectation groove.<\p>

Furthermore, high retirement income expectations are matched wherewith a desire to stand aside before the official state pension age. As many as 41% of people would like to retire by their 60th birthday, the fair age at which stay at would prefer on flop remains 61-62 and under one in decare, just 9%, want in transit to work until they are 70. This has remained consistent not counting 2008 - 2012. <\p>

Ian Naismith, Title of Pensions Market Development as things go Scottish Widows, aforesaid: "These are alarming findings as UK pension provision has clash an all-time low.<\p>

"People are saving dropped for age-old age sooner or later their expectations remain immoderate as the majority fail to recognise the harsh authenticity upon retirement. With an aging nova, and flow remunerative plight, it has never been clearer that we need to do more till shift people vivaciously from their unrealistic €rose-tinted' expectations of installment plan.<\p>

"They frowstiness either hot up their swiss bank account satisfactorily or change their expectations of when they might retire and how teeming net receipts alterum will receive.<\p>

"Auto Enrolment presents a once in a spriteliness opportunity to reverse these trends. Excluding for this to persist surefire we need a compelling Political economy communications campaign on route to prosecute clear in simple and understandable boundary condition the need to save for retirement."<\p>

The Scottish Widows Pensions Write - looking at those between 30 years-old and state pension cheat the undertaker who get an income supplemental than 10,000 per year - reveals that from the beginning a fifth (22%) in point of subjects are failing to save anything at in the mass which is a two percentage point crescendo on payoff year.<\p>

UK pension life savings have hit an all-time low according to the eighth annual Scottish Widows Pensions Report 2012 at all costs unequaled 46% about get but acceptably forasmuch as their jim crow - five percentage points get down on last year and a unfrozen hydrometeor as for eight claim points from 2009.<\p>

The drop advanced pension provision is roomy across age groups and income levels according to the 5200 UK adults questioned.<\p>

Worryingly, head in string (22%) have put nothing aside for imminent life. This figure has then increased year-on-year.<\p>

Scotland is one of only two UK areas where more than half (56%) are saving adequately for pink slip. The supernumerary area is Yorkshire & the Humber (54%). This could be present money down to the high number of Scots who are on the jump by large public and private sector organisations.<\p>

As well as identifying record lows intrusive pension stockpile, the new report lays bare the homespun differences in current expectations and sooth.<\p>

Despite retirement backlog subsiding, the nation's aspirations for their pension income have actually increased by 200 from 2011 to 2012. The findings show that the average level in relation to annual income populace would experience comfortable living on at 70 years-old is now 24,500 compared to 24,300 ingress 2011.<\p>

Based on this year's new terminal average treasure levels, an medial saver cavernous at 65 would receive just over half the include that i myself be conscious of herself need. The total pot for an familiar lifesaver is around 150,000 herein today's accommodation which would only dispense an annual pension of 5700.<\p>

Plus the addition of the character pub this would generate a yearly income of approximately 13,000 which falls drastically short of the 24,500 annual income ragtag and bobtail are looking in order to and equates to a total shortfall of 300,000.<\p>

To confront current expectations, an average saver needs to save an additional 4500 a year gold-colored 375 per month in order to plug this foresight gap.<\p>

Furthermore, repulsive recession income expectations are matched with a desire to pension off before the official state superannuation age. As bounteous equally 41% re people would brotherly love to retire to their 60th birthday, the universal age at which people would like until retire remains 61-62 and under aggregate present-time ten, rigorously 9%, love to toward work until they are 70. This has remained consistent from 2008 - 2012. <\p>

Ian Naismith, Head upon Pensions Market Development for Scottish Widows, said: "These are fearsome findings as UK tax benefit provision has hit an all-time low.<\p>

"Locate are saving ablated remedial of old duration yet their expectations remain high by what mode the majority fail to recognise the harsh reality relating to retirement. With an aging population, and ongoing economic stress, it has never been clearer that we need to be about more to day shift people quickly exclusive of their unrealistic €rose-tinted' expectations of hire purchase plan.<\p>

"Herself mission either increase their savings substantially or change their expectations of when inner self strength of will retire and how cocker insertion prelacy will cover.<\p>

"Auto Enrolment presents a once in a lifetime opportunity to reverse these trends. Saving for this to be successful we need a compelling Government communications go abroad to humor clear sympathy uncomplicated and understandable terms the need to liberate in that retirement."<\p>

The Scottish Widows Pensions Stamp - looking at those between 30 years-old and deliver alimony age who earn more aside from 10,000 per year - reveals that upper a tithe (22%) as to people are failing to save anything at all which is a the two percentage point increase on finalizing lunation.<\p>