Friends Provident: State pension is 'not enough' for Brits

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Friends Provident: State pension is 'not enough' for Brits

Fri 2nd Jan 2009

Research by the pensions provider Friends Provident has revealed that the state pensions falls short of the amount many Brits think they will need for a comfortable retirement.

According to a poll conducted by Friends Provident, Brits estimate that they will need £832 per month on average to live comfortably, which is £439 more than the standard state pension.

However the survey revealed that 57 per cent of people are thinking of relying entirely on the state pension to fund their retirement.

Martin Palmer, head of corporate pensions marketing at Friends Provident, said it is "very worrying" that more people were not choosing to make payments into private pension schemes, given their estimates of their retirement costs.

David Kuo, head of personal finance at money website Fool.co.uk, recently advised people to pay more attention to their pensions, saying that the state pension provides little more than a "safety net".

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