Eight in ten (83%) of UK adults would help a authorities evaluate to see whether or not the present pension system is delivering sufficient retirement earnings, in response to a brand new report.
Nearly all of these surveyed by Phoenix Group believed it’s the authorities’s accountability to make sure folks obtain an sufficient earnings in retirement.
Seven in ten (71%) of the over 3,000 UK adults surveyed agreed that the federal government must set out a plan to extend the minimal auto-enrolment pension contribution price.
When requested what an ‘sufficient’ earnings in retirement is, the highest response from UK adults was an earnings stage the place ‘primary wants are lined with some cash left over for non-essentials’.
Over 1 / 4 (27%) of non-retirees stated the minimal auto-enrolment contribution price is just too low. Of this group, half (51%) thought the minimal contribution ought to enhance to at the very least 12% and a fifth (20%) thought it ought to enhance to at the very least 15%.
Gail Izat, Mmnaging director for office pensions at Commonplace Life (a part of Phoenix Group), stated extra must be executed to assist folks safe a good lifestyle in retirement, and elevating minimal contributions is “the one strongest mechanism” out there.
She stated: “Whereas it’s essential that we transfer when the time’s proper for each savers and employers, extended inaction dangers continued under-saving and the UK sleepwalking right into a retirement financial savings disaster.
“It’s clear that folks help motion on elevating minimal contributions if the present price isn’t sufficient, and we urge the following authorities to place a evaluate in place.”
Phoenix Group surveyed 3,014 UK adults in February.
