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23-Apr-08 11:15 [Pensions]
Millionaire pension savers increase More than 234,000 young people between the age of 25 and 34 are saving enough through pensions to become millionaires by the time they retire, according to new research.
A report by Fidelity FundsNetwork has revealed that the number of young people who are taking advantage of the financial gains to be had from pensions is increasing.
David Dalton-Brown, head of Fidelity FundsNetwork, said: "Time is one of the saver's greatest allies: the earlier you start, the less you have to set aside to reach your goal and the long-term growth potential of equities should not be under-estimated."
He added that if people want to become a pension millionaire, then they need to keep up with their pension contributions.
The research also revealed that three per cent of young workers are saving at least £600 a month into their pension.
Meanwhile, companies could be forced to make unforeseen payments into their pensions schemes because of the changes in maternity laws, which could see women receive pension payments while on leave.
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Pension credit rises will be wiped out by inflation, resulting in two million pensioners losing up to £100 this year, it has been claimed.
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