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People do not think £140 pension is enough to live on

By Jonathan Dawes, Mon 16 May 2011 - Published in Money

Following the government's plan to possibly introduce a flat-rate state pension, worth around £140 a week, more than two-thirds of people do not think it is enough to live on, according to research from Standard Life.

Its report found that only 17 per cent of people over 55 think they get by on the proposed level of money during their retirement.

John Lawson, head of pensions policy at Standard Life, said: "The introduction of a state pension of £140 a week for all is to be welcomed. This makes it clear and easy for people to understand what they will receive from the government as a pension."

However, he added that the research has found that people clearly do not think the amount proposed is enough to live on.

Mr Lawson advised people to think more about saving for their future retirement plans.

Recently, Taming the Pound said that more families must prioritise their money and savings to improve their future financial situation.