Fewer Britons relying on state pension, study shows

Mon, 23 Oct 2006

The number of UK residents who intend to rely on a state pension after reaching retirement is falling, according to new research.

Among 18 to 24-year-old Britons, 89 per cent believe that the source of their retirement income will come from somewhere other than a state pension, a study by Zurich found.

Although this falls to 77 per cent of those between the ages of 55 and 64, the majority of UK residents close to reaching retirement believe that other sources will provide funds.

These sources include their partners and private pension plans, while many plan to find a remortgage.

However, 11 per cent of those surveyed plan to continue working after retirement age, to provide the necessary finances.

Dave Lowe, pensions management director at Zurich UK, said: "There is a one-way trend in pensions for individuals to take more responsibility for financing their own retirement."

The government's reform of the pension system, which took place earlier this year, means that the retirement age will be raised to 68 in the future, to offset the re-establishment of the link to earnings.


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