People Unaware of State Pension
Published / Last Updated on 12/08/2008
People Unaware of State Pension
Research by employee benefits provider B and CE Benefit schemes has revealed, 9 out of 10 UK workers do not know what the basic state pension is. The survey also showed that nearly one in eight believed the state pension would provide an adequate income by the time they reached retirement. Less than half of UK workers were aware there are tax incentives for saving in a pension.
Pension awareness appeared to be at its lowest among the 16 to 24 year old age group, with 93 per cent not knowing what they will be entitled to at retirement. In the 55 to 64 year old age group, 48 per cent remained unaware of their entitlement.
Our view
Pensions awareness is always low until people need to take action over it. That said, the figures for the 55-64 age bracket are amazing. Nearly half do not know about state pensions . Government need to raise awareness with simple and effective advertising campaigns to encourage people to save regularly.
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