The research also reveals that the average man aged over 55 will cash in £21,143 of his pension with women taking out just £4,861. More than one in 20 men plan to go on the holiday of a lifetime, while the UK car industry looks to be in line for a boost with 5 per cent saying they will finally buy the motor they always wanted.
Meanwhile one in 50 men confess they have no intention of telling their partner what they’ll get up to with their pension pot. Indeed 1 per cent plans to leave their other half once the money comes in.
There are currently thousands of STEM roles lying vacant because young people don’t have the right skills to fill them. However, new research shows that fewer than one in seven students chose STEM subjects for their A Levels despite nearly three quarters enjoying them at secondary school. Your Life’s Best School Trip is specially designed to showcase the exciting futures open to those who choose STEM subjects at A-Level, and look to address the skills shortage through powerful face-to-face engagement during the school day.
Its annual survey, of 1,018 schemes run by 280 private sector firms, found that only 13% were still open to new joiners, down from 19% in 2011.
Meanwhile 31% were now closed to existing staff as well, up from 23% the previous year.
The NAPF said new staff in the private sector now had “next to no chance” of joining a final-salary scheme.
The government has stolen some of the Public Sector Pension Commission's thunder by putting public sector pensions on the agenda so soon after the election. But ministers will be grateful to this independent group for putting so many eye-popping statistics into the public domain.