Defaqto highlights worsening confidence in retirement calculator payments

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Defaqto highlights worsening confidence in retirement calculator payments

Thu 2nd Dec 2010

A new study from Defaqto has shown how public faith in pensions has dropped, with a source from the firm describing it as "concerning" that many people expect the state to provide for them.

Matthew Ward made his comments after the publication of a report showing just 11 per cent of consumers believe their retirement income will allow them to live the life they hope to when they finish work.

The research also indicated 61 per cent of Brits say they will need the government to provide their income when they are pensioners, which is the statistic that worried Mr Ward.

He pointed to the financial uncertainty rife in the UK as a factor in the reduction in people's faith in their long-term savings.

"It is clear that the people's lack of confidence in their retirement prospects is increasing. This is unsurprising given the current economic climate," said Mr Ward.

This week, the Department for Work and Pensions published its Pension Scheme Administration Scheme Costs working paper, which indicated that the most commonly cited issue relating to deregulation in the industry is the lowering of levies.

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