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Public distrust government over pensions
25 June 2008 11:00
Most Britons do not trust the government over pensions, according to a new survey, prompting many of them to start making their own retirement preparations instead.
Just one in 20 people claimed they would put prime minister Gordon Brown in charge of their fund, the poll commissioned by Friends Provident showed, which is unsurprising given that nearly nine out of ten are dissatisfied with state pension provision.
By contrast, over one in four would trust their pension with a specialist provider and one in six would do so with their employer, while over two thirds are aiming to improve their situation either by already saving for retirement or by planning to start doing so shortly.
When asked what would stimulate greater confidence in the government on pensions, over two out of five Britons cited a larger, fairer state pension, but one in eight felt that automatically enrolling people in workplace schemes would also have a positive effect.
Friends Provident's head of pensions marketing Jeremy Ward noted that this boded well for personal accounts, which he claimed the pensions industry was well equipped to deliver, while also urging people to take control of their own retirement preparations.
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