UK: The success of the UK's future pension policy will require a dramatic change in people's attitudes and behaviour towards saving, according to a research conducted by the National Centre for Social Research (NCSR)
It has been discovered that 4 in 10 of those retired in the UK have no other form of pension provision above that offered by the state pension despite the fact 60% of those surveyed believe living just of state pensions will leave pensioners “hard up” and “really poor”.
Exactly one in two people are not taking up supplementary pensions believing they cannot afford to. Those with no private pension provision are more likely to be young, working class and female.
The possibility of working longer and retiring later, as has been offered up as a suggestion in the Turner report, to fill in the savings gap does not appear to suit the lifestyle of the British public with only 20% of the currently employed planning to retire post state pension age (currently 60 for women and 65 for men).
Three quarters of the public, according to the NCSR, are keen for the government to spend more on pension provision, though only 52% actually supported the notion of increased taxes as a method for a hike.
“It is clear that future pensions policy will require a substantial change in people’s attitudes and behaviour if it’s to close the so-called ‘savings gap’. While there’s overwhelming support for the idea of personal saving, many people simply feel unable to put money aside for retirement at the moment.,” remarked researcher Miranda Phillips.
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PP has compiled a list of what to watch out for over the coming months.
The proposed cold-calling ban may be ineffective if a collaborative regulatory approach between the UK and the European Union (EU) is not maintained post-Brexit, the Pensions Management Institute (PMI) has warned.