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Brits 'concerned that they will not be able to live on state pension'

By Tom Farley, Mon 23 Jun 2008 - Published in Pensions

Two-thirds of Brits have little or no faith in the government's pension provisions, according to Friends Provident.

A survey by the company has revealed that only five per cent of people would be happy to put Gordon Brown in charge of their pension fund.

About 87 per cent of the non-retirees questioned said that the state pension was not enough to live on.

Just three per cent said that a government pension was adequate to see someone through old age.

Almost 50 per cent said they had taken matters into their own hands by starting to actively save for retirement, while one in four claimed they planned to start saving shortly.

Jeremy Ward, head of pensions marketing at Friends Provident, said: "The public still lacks faith in the government when it comes to pensions. Many people want to see greater commitment to state pensions, with a larger and fairer state pension proving most popular."

Elsewhere, the TUC has called for a review of pension buyout models in order to protect workers from unscrupulous investors.