Pensioners 'may have financial troubles'

People in the UK may not have sufficient funds to support them during their post-work years, it has been claimed.

According to the Pensions Policy Institute (PPI), pensioners could run into financial difficulties - potentially including debt problems - and may not be able to meet all of their needs.

The organisation pointed out that for many pensioners, income is likely to decline during retirement relative to the incomes of the rest of the population.

PPI director Niki Cleal said: "Pensioners may not have sufficient resources to meet all of their extra needs in later life, such as to meet the additional costs of disability, widowhood or the need for long-term care and to maintain their desired standard of living."

Research conducted recently by Halifax found that 52 per cent of people polled did not pay into a pension, while 70 per cent overestimated what they will receive in state retirement funds.