Two thirds of UK adults do not trust the government's pension reform and almost half are less confident in saving for retirement than they were five years ago, according to research from MetLife.
The survey of 965 UK adults reveals two thirds – equivalent to 31 million – believe government attempts to simplify pensions have not delivered, while 42% feel less confident about retirement saving compared with five years ago.
Around 74% of the 45-54 age group and 70% of the 55-64 age group say the reforms have been “unconvincing”.
In addition, 70% of adults are concerned about the government’s ability to create the conditions for successful pensions investing, rising to 78% of those aged 45-54.
The survey also reveals recent government action has made 31% of those aged between 18 and 24 less likely to save for retirement, while only 24% of all adults say it has made them more likely to save and 47% say it has had no effect.
Eugene Marks, senior vice-president for regional operations at MetLife, says the introduction of pensions simplification was a landmark for the pensions industry, but it is now time to move to the next stage.
He states: “However since [A-Day] there has been uncertainty about the details of legislation and it is no surprise that confidence has been hit. It is time to move on to the next stage. The industry and government now have to work together to rebuild confidence in saving for retirement and MetLife intends to fully play its part.”
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Emily Perryman on 020 7034 2680 or email [email protected].IFAonline
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