According to the Stakeholder pension provider B&CE, almost half of the UK working population are not aware of the tax benefits available with pensions. Many have no knowledge of the new pensions regime that came into effect on the 6th April 2006 and one in four people are not saving towards retirement.
A spokesperson for B&CE said that many workers did not believe the Government would provide them with adequate retirement income and they agreed that workers should be automatically enrolled into private pensions.
As with probably every other person under retirement age in the UK, none of the people questioned agreed with the increase in retirement age.
Our view
The figures quoted by B&CE are not surprising. Whilst their survey was amongst younger workers, the rest of the workforce are little different.
Many people agree with automatic enrolment because it means they do not have to think about pensions. If they don’t want to join then they can opt out.
In terms of the increase to State pension age, we believe it is theft by the Government. We were all promised a State pension at a certain age and now those goalposts have been moved. We have paid our National Insurance and we should be entitled to what we were promised. Who can take on the Government though?