POLL: Do you believe the government will safeguard state pensions for the next 40 years?
CHANCELLOR According to fresh research, Rishi Sunak has lost the trust of the British public when it comes to pensions. This website wants to know if you think the government will protect the state pension over the next 40 years. Please participate in our poll and leave a comment on this story.
According to Interactive Investor’s Great British Retirement Survey of 10,000 Britons, trust in the government to keep its pension commitments is rapidly dwindling. In fact, one in every five working respondents in the survey was unsure if they would receive a state pension when they chose to retire.
Young people, in particular, have little faith in the government, with 53% of those aged 24 to 29 doubting their ability to rely on the government’s state pension.
The stress of future finances weighs heavily on Britons, with 41% of non-retired people and 27% of retired persons concerned about running out of money in retirement, according to the survey.
According to the Pension Policy Institute, the present state pension is around £137.60 per week, or approximately 24.8 percent of typical earnings in the UK.
“We are committed to ensuring that older people are able to live with the dignity and respect they deserve, and the state pension is the cornerstone of support for older people,” a spokesman for the Department for Work and Pensions (DWP) stated.
“State Pension has climbed by nearly £2,050 in cash terms since 2010, and we intend to spend over £125 billion on pensioner benefits in 2020/21.”
However, activists argue that this is insufficient, as two million older people in the UK are now living in poverty.
“The state pension alone will not provide a comfortable standard of living,” said Stephen Lowe, director of retirement services firm Just. “Checking your entitlement for other State Benefits should be as much a part of planning for retirement as understanding what your private pension and other savings will provide.”
One of the main worries raised by attendees was what Chancellor Rishi Sunak will do next, following his decision to expand a new 1.25 percent fee – to be implemented through an increase on National Insurance – to apply to both earning and broke seniors.