Friends Provident: People pessimistic about pensions' future

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Friends Provident: People pessimistic about pensions' future

Fri 2nd Jan 2009

As we enter the 100th anniversary year of the introduction of the first state pension in the UK, Friends Provident has conducted a survey which shows that Brits are pessimistic about the state pension's future.

A poll conducted by the pensions provider found that more than half of UK adults are pessimistic about the future of the state pension, with 28 per cent feeling it will be decidedly more inferior in 50 years time and 27 per cent saying it will be inadequate.

The survey found that currently three-quarters of people in the UK feel that the state pension is not enough to live on and over one-third predict they will struggle to make ends meet during their retirement.

Martin Palmer, head of corporate pensions marketing at Friends Provident, said: "A lot has changed in 100 years.

"Today, even though [the state pension] is a universal benefit, paid at an earlier age, and worth more in real terms than in 1909, many people feel it is an inadequate benefit, insufficient for their needs."

The state pension was first introduced by the great reformist Liberal government of HH Asquith, under the auspices of the then-chancellor David Lloyd George.

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