Pensions are good for people in IT jobs

Employees, including those in IT jobs, have been advised that signing up to a pension scheme is “generally” a good idea.

That is the opinion of Anna Sofat, wealth planner for ADDIDI Wealth, who believes that pensions are, largely, worthwhile.

She said: “I would say that pensions generally are good. Even if you are getting tax relief at 20 per cent it’s a big uplift in the short to medium term.”

However, Ms Sofat went on to say that she understood that people’s “confidence had been shaken” recently and that many pension-holders were actually now sitting on “less than they put in”.

According to Scottish Widows, just 38 per cent of women over 50 are saving adequately for retirement, with the groups Pensions Index being 48 per cent this year, down six per cent since last year.

It is also revealed that 35 per cent of women and 29 per cent of men will have a retirement income below the poverty line.