Retired construction workers face life on the breadline

Thousands of construction workers face spending their retirement years below the breadline, Age Concern has warned today (Friday).

Research carried out by the charity shows that 60% of workers in the industry don’t have access to a pension at work and many will be reliant on a meagre state pension to provide their retirement income.

A third of workers earn between £10,400 and £15,600, while one in five of those earning between £15,600 and £31,200 have no current private provision.

With the government failing to improve the UK’s failing state system and the uptake of occupational pensions so low, millions of ordinary workers will have no choice but to work longer or face poverty in later life.

The findings show that plans to force people to save into a private pension are unlikely to solve the pensions crisis as millions of people cannot afford to save, cannot afford to shoulder more risk, or simply do not have access to a pension scheme at work.

Gordon Lishman, Age Concern’s director general, said: “Workers should not be forced to save into a private pension or made to work longer before receiving the state pension. Now is the time for the government to take control of the pensions crisis and commit itself to improving the state pension system.”