Call for pension to be re-named 'retirement pay'

A study conducted by the employee benefits provider suggests nine in ten don’t understand what a basic state pension is, while over half are unaware of their pension entitlement on retirement. In addition, the research suggests less than half of the 816 individuals questioned are aware of tax incentives for saving. John Jory, B&CE Benefit Schemes deputy chief executive, says: “We need to do more to educate people about the reality of the state pension and what this means in monetary terms. “Just as holiday pay does not cover the cost of a holiday, the basic state pension will not cover m...