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The Difference Between The Best And Worst Pension Incomes Can Be Very Surprising

Aegon Annuities Aviva Annuities Axa Annuities Canada Life Annuities Friends Life Annuities Hodge Annuities Just Retirement Annuities Legal and General Annuities LV Annuities
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Research reveals high level of uncertainty about retirement income

Millions of savers in the UK are uncertain about the level of private and state pension income they will receive when they reach retirement, according to new research.

The survey by Age UK reveals that more than a quarter (28%) of those surveyed were unaware of how much they will receive from their state pension once they finally hang up their hats, while a quarter (25%) of those surveyed  are unsure how much private pension they are likely to receive.

More worrying still is the fact that almost a third (31%) of those questioned have not put a private pension in place at all, despite the rollout of automatic enrollment into pension schemes from 1 October.

The research also revealed that the public is backing a number of pension reforms proposed by the government, with 62% of people giving their seal of approval to the introduction of a new single-tier, flat-rate pension of around £140 per week for people reaching state pension age in the future.

Age UK Charity Director General Michelle Mitchell said: “Radical reform of our eye-wateringly complex pensions system is long overdue. With such high levels of uncertainty about our financial future, it's clear that a simpler system - which provides greater clarity for all and makes it easier for people to plan properly for retirement - is urgently needed.

“Overall we support the government's proposals for a single-tier, flat rate state pension6 but as always the devil will be in the detail. The upcoming White Paper is expected to bring good news for many future pensioners, particularly those with lower lifetime earnings due to low pay or caring responsibilities.”

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