Pensions confidence on the rise

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Pensions confidence on the rise

LONDON, UK - Public confidence in pensions and savings is beginning to rise, but the majority still do not trust the government to provide for them in retirement, according to a new study out today.

Research from the association of British insurers (ABI) showed that 17 per cent of people trust the government's policies on pensions, compared with 15 per cent last September.

Meanwhile, 38 per cent of people think they will have enough savings for their retirement, compared with 35 per cent last year.

However, some 44 per cent said they did not trust the government at all, while a further 36 per cent said they had a tendency to distrust it.

Joanne Segars, head of pensions and savings at the ABI, told The Guardian: “This is encouraging ground for the forthcoming pensions bill to build on.

"These figures show a small but significant change in the public's attitude and levels of confidence towards pensions and savings in general.”

"This is an opportunity for the government, the savings industry and employers to build on this change in attitude and help people to meet their expectations," she added.

The ABI has previously estimated that Britons are saving £27 billion a year less than they need to in order to have a comfortable retirement.

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