Many Britons in workplace pensions may be heading for financial catastrophe in retirement because they are relying on outdated forecasts, according to financial services provider PTL. It warns some people currently saving into defined contribution pensions could face a retirement filled with financial hardship, and in some cases poverty, because they are being given a wrong idea of what money they are likely to require for old age. There are an estimated 22.4 million people in defined contribution pension schemes, which involve workers and employers putting cash into a savings pot that will eventually be used to fund an individual's retirement.