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Britons gloomy over pension reform prospects
14 April 2008 12:00
Most working Britons expect to see state pensions reformed over the next decade and believe that they will be detrimentally affected as a result, according to a new survey.
Over two out of three UK workers believe that the public pension system will be modified during the next ten years, Axa's poll found, of whom over nine out of ten think that these changes will force them to extend their careers.
Moreover, seven out of ten workers expect that public pension reforms will decrease the state benefits available, compared to an international average of less than three out of five, with almost a third of working Britons deeming social security to be in crisis.
Yet almost three out of five workers still expect to have enough to live on in retirement, while almost two thirds of retirees also think their current income is sufficient, although two out of five are concerned that the next generation will not be so fortunate.
Axa's head of pensions Steve Folkard warned that a comfortable retirement costs money and added that, given their concerns about state pension provision, workers should therefore plan ahead and act as soon as possible to secure their retirement income.
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