An article in the Sunday Telegraph questioned whether baby boomers, now in their fifties, are well prepared for retirement in ten years time. The article also outlined positive steps that could be taken over the next ten year period to address the challenges they face. Research by US Metlife, suggests that in the UK, only one in four fifty-somethings is financially prepared for retirement and one third have no retirement savings at all.

At present, around 38% of UK private sector employers provide a workplace pension scheme, but all will be required to auto-enrol their employees into a ‘qualifying workplace pension scheme’ under the Government’s pension reforms between late 2012 and early 2016. By October 2017, minimum contributions must be 8% of employee earnings, with a minimum of 3% from the employer plus 4% from the employee and 1% by way of tax relief (albeit employees have an opt-out which also removes the employer’s need to contribute).