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Many Northern Ireland workers are in for a nasty shock when they retire, according to research from Ulster 51¹ú²úÊÓƵ.

Eileen Evason, professor of social policy, has discovered widespread confusion about pension arrangements - of 2,200 people surveyed, 77 per cent mistakenly believed that all retirees get the basic state pension.

Professor Evason analysed figures from the annual Northern Ireland Life and Times Survey, a joint project by UU and Queen's 51¹ú²úÊÓƵ, Belfast.

The survey shows that only 13 per cent of people under retirement age have given much thought to their finances when they retire. Fewer than half of the self-employed have personal pensions, and those who do tend to contribute very little. Two-thirds of those surveyed believed that adequate state benefits would be available if needed. "But as the basic pension continues to decline and the cuts in Serps (state earnings-related pension scheme) take effect from this year, this optimism may prove to be unfounded for many," Professor Evason said.