Around 63% of UK workers are against the planned increases in the state retirement age.
Research by B&CE Benefit Schemes reveals on average most UK workers are hoping to retire at age 58, which is ten years earlier than the planned state retirement age of 68 by 2044.
The survey of over 750 workers, shows those aged between 16 and 24 are most aginst teh idea, with 66% not in favour of the plan, particularly as only one in five expect to work past the current retirement age of 65.
And the move, one of the key reforms in the pensions white paper published in May, is also proving unpopular among female workers, with 70% preferring the state retirement age to stay as it is.
However when asked about the planned timetable for reforms, 38% believe they should take effect earlier than 2012, while just 37% think a six year gap is about right for the changes to come into force.
The survey, carried out by TNS on behalf of B&CE, also examines the public’s response to the issue of auto-enrolment, with 61% in favour of enrolling people automatically into new personal accounts.
In addition 54% of those currently not saving believe it is a good idea, although around a third of workers will opt-out of auto-enrolment if offered cash incentives to do so, with 11% of these planning to just spend the money rather than use it to make other pension arrangements.
And B&CE warns if the government does not prevent employers from offering cash incentives to opt-out of personal accounts or existing occupational schemes, around two million workers could slip through the pensions net.
John Jory, deputy chief executive of B&CE Benefit Schemes, says it looks like the government has quite a job to gain more widespread support on the issue of increasing the state retirement age.
He adds: “However there are concerns in this area as many manual workers are physically unable to continue work even beyond the current retirement age. We look forward to hearing more from policymakers on issues such as occupational health to support this significant change.”
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 Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
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