Ongoing lack of fairness in UK pensions – SPP

There is an ongoing lack of fairness in the UK pension sector, research from the Society of Pension Professionals has found.

According to a poll of over 200 pension professionals, SPP found that over three quarters, 79.3 per cent, felt that the current pension system is unfair on young people, while 51.2 per cent felt that the system was unfair on the self-employed. A further 25 per cent of those polled believe that the current system is unfair on women, and 12.4 per cent said it is unfair on men.

Of the 209 SPP members surveyed, less than half, 46.9 per cent agreed that equality, including age, sex, religion and ethnicity, was a major concern for the UK government. Nonetheless, 72.7 per cent felt that the UK government is the most responsible for securing equality in pensions. A lesser 14.4 per cent said that employers are the most responsible to deliver equality in pensions.

A further 71.3 per cent of those polled felt that the UK pension system was fair on those about to retire, while over two-thirds, 67 per cent, of pension professionals felt the system was fair on public sector employees.

SPP president Hugh Nolan said: “Despite pension reform being a major focus for the Government over recent years, it is clear that the current system in the UK favours certain groups over others. Those fortunate enough to be at or close to retirement, or in public sector jobs, look set to benefit while the young and self-employed are deemed to be getting an unfair deal. If we are going to encourage young people to engage with their pensions and for the next phase of auto-enrolment to be successful the Government will need to redress the balance.”

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