To many entrepreneurs and small business owners lack a plan for their retirement, according to a leading HR figure.

Tony Leahy, who is head of HR for Bank of Cyprus UK, says retirement planning is not “top of the list” for small business owners as the economy continues to recover from recession.

Research by the bank found that 28 per cent of entrepreneurs don’t know how they will fund retirement while only 34 per cent said they regularly paid into a pension.

“Naturally a priority for small business owners has been the recovery of their business in recent years,” said Mr Leahy.

“For this reason, we should not necessarily be surprised that our research data shows that just over a quarter of small business owners admit to having no retirement plan in place.”

The research also showed that just under on-in-10 business owners panned to use their business premises to contribute retirement income.

Mr Leahy said they should take advantage of Small Business Advice Week (this week) to learn more about the options on offer.