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&#39Duty for Pensions is on the individual&#39

The public believe the responsibility for ensuring people have enough to live on in retirement should be on the individual or the Government but not the employer, according to a survey of attitudes to pensions by the Department for Work and Pensions.

The research reveals 46 per cent of people believe the individual should be responsible for their retirement income, with 44 per cent saying the Government should provide the lion&#39s share of pension income. Only 7 per cent thought that employers should shoulder responsibility for retirement income.

The data, published last week, shows that awareness of stakeholder pensions among the public had risen to 61 per cent by the time the survey was carried out in March 2002, up from 25 per cent two years ago. But of those who had heard of stakeholder pensions, around half were only familiar with the name and not the detail.

When asked what an adequate income in retirement would be to live on if they retired today, half of the respondents believe that they would need a weekly income of up to £250 while 8 per cent wanted more than their current income but had made no plans or private provision at all.

A DWP spokesman says: “It is questionable whether it will be possible for many people to achieve an income in retirement to meet their expectations, particularly the 8 per cent of people who wanted an adequate income that was more than their current income and had never had a private pension.”

ABI head of pensions Joanne Segars says: “The results graphically illustrate the need for the Government to raise awareness and understanding of the need for people to save, the risks of not doing so and what level of state support people can expect in retirement.”


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