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Two thirds of
Brits have little or no faith in the Government when it comes to
pensions, according to a survey conducted by Friends Provident.
Research by the firm has shown that only five per cent of the population
would put Prime Minister Gordon Brown in charge of their pension
fund.
The Government’s running of the state pension was a key reason
for the lack of trust, and 87 per cent of non-retired residents
who took part feel the Government is failing in its aim to provide
a state pension that will adequately help fund their retirement.
Just three per cent believe the current state pension is adequate
to live on in later life.
21 per cent of those surveyed said their faith had been eroded to
a point where they had lost confidence in the Government handling
their pension, and the research revealed that almost half (47 per
cent) of the adults are acting to put their personal situation right
by actively saving for retirement.
Those surveyed put forward their own manifesto to help the Government
regain their trust, and 43 per cent said a larger and fairer state
pension would be necessary to do this. 12 per cent said being automatically
enrolled in a workplace pension would aid confidence, and nine per
cent called for an equal balance between private and public sector
pensions.
The research, carried out by YouGov, also showed that adults place
greater trust in a pensions provider (27 per cent) and employer
(16 per cent), than in the Government when it comes to handling
their pension pot.
Head of pensions marketing at Friends Provident, Jeremy Ward, highlighted
that while the research does not bode well for the Government, it
does for Personal Accounts, due to be introduced in 2012.
“The pensions industry is already well equipped to deliver.
It is important for people dissatisfied in the Government’s
handling of pensions to take responsibility for their own future
and make provision for their retirement while they are still working,”
he added.
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Pensions Age June 2008
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