UK - Employees do not trust anyone to keep their word on pensions, opinion research agency YouGov claims.
Its findings are part of additional information from YouGov’s Work Retirements and Pensions Index study which was carried out in conjunction with the government’s independent pensions adviser, Ros Altmann.
When asked who they trust most to keep their word and not let them down, 59% of respondents said they did not trust the government, their pension provider or their employer.
YouGov chairman Peter Kellner said: “If working people are to be persuaded to contribute more in order to pay for a decent income when they retire, then trust needs to be restored in the people and institutions responsible for looking after their pension rights.”
The Pensions and Lifetime Savings Association (PLSA) is in the process of convening an industry-wide group to take forward the work of the Institutional Disclosure Working Group (IDWG).
The Transfers and Re-registration Industry Group (TRIG) has given its support to an initiative which aims to complete occupational pension transfers within three weeks.
Scottish Widows has completed a bulk annuity deal for the Hitachi UK Limited Pension Scheme.