Research by the Association of British Insurers has found that over three quarters of the British public do not trust the Government to deliver on its pension promises.
Many people are now resigned to the fact that they will have to work longer to fund a comfortable retirement, saying that government incentives to extend their working life are likely to delay their retirement.
The survey has shown that 41% of the respondents believe the new rules allowing people to receive a lump sum if they delay taking their state pension, will encourage them to work longer.
Earnings are driving peoples saving habits, with 62% saying that their pension levels are driven by what they can afford.
Our view
The public are not fools. The only problem we have is that most of us do not trust the Government to offer significant pensions in retirement yet we fail to save ourselves.