According to a recent article on the Herald Scotland website research indicates that one-third of Scots fear that their pension pots will not have enough funds in them for retirement, even if they double their contributions.

Chris Ness from Morton Fraser commented that ‘a number of recent reports have highlighted the growing shortfall in pension provision.

The focus on employers and the introduction of the Auto-enrolment legislation should help with this to some degree, but individuals still have the ability to opt-out and therefore it is difficult to accurately establish the impact that this will actually have. Employers have a real challenge ahead to get existing schemes in the right format, and to communicate the changes to their employees or job holders as they will soon be referred to. Smaller employers have a few years to deal with this, but must deal with this head on at the earliest opportunity.

This situation will not change quickly and it is increasingly harder to make up shortfalls the older we get.’