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&#3975% want pension compulsion&#39

Over two-thirds of people think the state pension will only be

available to the poorest pensioners, according to a new report from

Brahm Research and Cicero Consulting.

The research shows that 67 per cent of people aged 20 to 45 believe

the state pension will only be available for the needy when they

retire.

But people do see a role for the Government in influencing future

pension saving levels, with 76 per cent supp- orting greater use of

the tax relief system to increase pension saving and 75 per cent

supporting compulsion.

Expectations of retirement standards are high, with 84 per cent

anticipating a comfortable or reasonably funded retirement.

The biggest deterrent to saving for retirement was cost, with 53 per

cent not paying into a private plan because they could not afford it,

37 per cent not seeing saving as a priority and 22 per cent lacking

confidence in the pension market and products.

Cicero Consulting chief corporate counsel Iain Anderson says: “This

group of people know their expectations do not match their actions

and are keen on compulsion. They see compulsion as a necessary evil

and want to be nannied by the Government.”

Roberts Clark director Ashley Clark says: “This generation are

deluded. They know they need to save but they put it off. Compulsion

is the obvious route and I believe that it will come in.”

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