34% confident about pension income, says NAPF
By myfinances.co.uk staff
Just over a third (34%) of British employees are confident that their pension savings will provide them with an adequate income when they stop working, according to a new survey.
Nevertheless, the poll by the National Association of Pension Funds (NAPF) found that 44% of adults still believe a traditional pension scheme is the best way to save for retirement, compared with 18% for property.
Some 27% said they would be more confident about saving in a pension if their contributions were guaranteed, while 26 per cent said they would like an assurance that their income would not run out before they died.
More than three quarters of respondents said they look at potential employers in a more positive light if they have a workplace pension fund.
According to NAPF director of policy Nigel Peaple, the survey's findings show Britons "greatly value" retirement saving schemes - but they want more assurances about their provision for later life.
"People want their pension to provide them with certainty - in particular, they want to be sure they won't lose money," he commented.
Recent figures from Prudential show that a man retiring this year will collect an average pension of £19,593 a year, while a woman will typically receive £12,169.
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