Pensions confidence hits record low
Published on 08 March 2012 12:00 PM
The forthcoming introduction of the Government's automatic enrolment reforms has failed to improve the public's confidence in pensions, according to new figures.
Research from the National Association of Pension Funds (NAPF) has revealed 54% of UK workers have less confidence in pensions than they do in other sorts of saving product.
Just 37% of those surveyed for the study said they feel confident about pensions.
The NAPF said the resulting overall confidence figure of minus 17% is the lowest recorded since the survey began five years ago.
In October, plans by Work and Pensions Secretary Iain Duncan Smith for the automatic enrolment of workers into pension schemes will get underway, but there is a lack of confidence in the reforms.
The NAPF Workplace Pension Survey found four out of 10 of those eligible would struggle to afford the payments, with a third saying they plan to opt out.
The economic downturn, which has hit household incomes, and stock market fluctuations have damaged confidence in the pension industry, the NAPF said.
Copyright Press Association 2012