Apathy and ignorance towards UK pensions

Mon, 27 Jun 2005

Britons who are in the dark about UK pensions expect information and education from the government, research shows.

TD Waterhouse research revealed that 90 per cent of the British public said the government should do more to inform the public about the seriousness and importance of long-term savings for retirement pensions.

Only a third of the nation is opposed to compulsory savings for their retirement pensions.

The argument for compulsory company pension contributions seems clear, said Michael Foulkes, UK chief executive of TD Waterhouse.

However, he said the fact that 19 per cent don't know how they feel about compulsory contributions betrays the general public's apparent apathy and ignorance towards pensions issues.

The survey also showed that if the government scrapped the current state pension and means-tested pensions credit system, replacing it with a flat rate scheme to which everyone contributed, 59 per cent of people would be more inclined to save.

Mr Foulkes said these figures underline the parlous state of UK pensions.

"There are some tax efficient products out there which can be used to help bolster an individual’s financial future, but 40 per cent of people say they have not even considered using products such as ISAs and SIPPs," he said.

"This is no surprise considering the fact that 57 per cent don't know what provision they have already made."

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