The number of people who have heard of stakeholder pensions has risen from 25% to 61% over the pas...
The number of people who have heard of stakeholder pensions has risen from 25% to 61% over the past two years, according to a survey just released by the Department for Work and Pensions (DWP).
However, of those respondents who have heard of stakeholder products, around half have heard the name only, Victoria Mayhew, senior research officer at the DWP, said.
The survey, which interviewed 1,200 people of working age, also found that most people who were more than 15 years away from the age at which they expected to retire were uncertain what their retirement income would be.
Of those who were just five to 10 years away from retirement, less than half have a 'good' or 'reasonable' idea what their income at retirement would be.
The median age at which people expected to retire was 60 and most predict a retirement of 20 years or more. A third of those surveyed in this group did not have a private pension.
When asked what main source of retirement income they expect to rely on, a third replied occupational pensions, 14% said personal pensions and 20% said the basic state pension.
Among those within 10 years of retirement, only 1% said they expect to rely on social security benefits as their main source of income.
View from the front row
Project Libra unveiled
Including SJP and investment trusts
Spent two years at Sanlam
Will also assess FCA's actions