UK - Pensions will be a huge vote winner in the next general election, research by a leading trade union shows.
Nearly half of the people polled - irrespective of whether they have private provision or not - say that the way ministers tackle pensions issues will affect the way they vote.
The research - carried out by Amicus - also found that scheme members believed there should be a legal requirement for employers to consult before any changes were made to a fund.
The study, which aimed to assess the public’s view on government action on pensions, found that 40pc of respondents were totally reliant on state provision.
And among 16-25-year-olds, nearly two-thirds - 64% - had neither occupational nor private pension provision.
Of the respondents who were members of occupational schemes, 96% felt consultation by employers on fund changes should be a legal obligation and 83% believed pensions should be protected under law.
The survey ñ based on interviews with 640 workers - found that pensions were among people’s top three ‘life’ concerns and 72% believed compulsory contributions were the only way to ensure people saved for retirement.
The survey also revealed that 77% felt the government was not doing enough to protect people’s pensions and nearly half (45%) said the way ministers dealt with the pensions crisis would affect the way they would vote in the next election.
Amicus general secretary Derek Simpson said: “These results highlight the huge shortfalls in pension savings and the destitution that lies ahead for many workers unless they and their employers are made to save for retirement throughout their working lives.
“Clearly people are concerned about their income in retirement and the government has a duty of care to ensure that people’s lives after work are safe and comfortable. The good news for the government is that pensions is potentially a huge vote winner ñ if it is bold in tackling the crisis.”
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.