Over one-third (36%) of adults are more confused about their pension choices following recent pension reforms including the introduction of a single-tier state pension system and the roll-out of automatic enrolment, a survey has found.

Pensions provider Friends Life surveyed 2000 people in employment and found that over one-quarter (28%) said they knew nothing about the changes and only two-fifths (44%) knew about some of the reforms.
In addition, over one-third (37%) of respondents are less confident about their ability to save for a comfortable retirement in light of the changes compared to only 7% that were more confident.

Among those aged over 55, only 3% felt confident about their ability to save for a more comfortable retirement.

Friends Life corporate benefits managing director Colin Williams said: “Some consumer confusion following these changes is understandable given their extent. What is crucial is that both industry and government improve communication around the changes and that we ensure there is some legislative stability for these changes to fully bed in. We need to make sure people are encouraged to save for their retirement and are confident that saving now will reap rewards in their later years.”

Share Story: