UK - Three out of four union workers believe that the government is not doing enough to protect pensions, new research shows.
A survey of 1000 Amicus workers – carried out by research company Intelligent Data Analysis – found that confidence in saving was low and the government needed to take the lead in trying to restore it.
Around 40% of the 680 respondents had no pension savings at all, and of these the vast majority (64%) were in the 16-24 age group.
Only a quarter were in an occupational scheme, with nearly half (43%) claiming that the government’s handling of the pensions problem would affect their voting at the next election.
Around three-quarters felt employers should be made to contribute to their employees’ pensions and around 80% believed that pensions should be legally protected.
Pensions Action Group spokesman John Hayter said the survey seemed an accurate reflection of the current mood among workers.
He said: “The nation has lost faith in both the government and the financial services sector as a whole. Government is anxious to encourage young people to save but they look around and see one disaster after another and think why should they.”
He added: “There does need to be some way of underpinning benefits and people are looking to the government to take the lead. Obviously there are no simple solutions but something needs to be done to restore confidence.”
A suite of liability driven investment (LDI) indices has been launched by STOXX and RiskFirst to aid trustees and consultants select, monitor and challenge managers.
British Airways and the trustees of one of its pension schemes are set to argue over the purpose of a pension scheme, leading to an impactful judgment for DB pensions. James Phillips explores the issue
Bank of England governor Mark Carney has said there is still a lot of data to consider before the Monetary Policy Committee (MPC) can decide when to next hike interest rates.
Savers are not squandering their tax-free lump sums under Freedom and Choice but are taking a more cautious approach to retirement, according to Prudential research.