View more on these topics

&#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.”

Recommended

Correspondent&#39s week

Shirt buying – is this a viable business expense and am I supposed to put this exorbitant yet increasing cost on my Inland Revenue self-assessment form? Since the start of the year, the pace of life has been frantic for this discount broker, with so many imminent possible acquisitions and fund launches, resulting in many […]

IFAs spend only 35% of their time in giving advice

Most IFAs spend only a third of their time advising clients, reveals research by technology specialist 1st Software.Its online poll, 1st Impressions, found that not one of the more than 200 IFA firms polled spend more than half their time advising clients, with 80 per cent spending less than 35 per cent in front of […]

Top 10 funds take an 11% slice of total sales

The top 10 biggest-selling funds last year took in 11 per cent of total sales, with Isis Asset Management&#39s money markets fund raking in more than £900m alone, according to new figures.The 2003 edition of the UK Fund Review & Directory reveals that £5.4bn of the £47.6bn of total gross sales in 2002 was directed […]

Don&#39t look discounted gift trust in mouth

Following the Inland Revenue&#39s announcement on so-called spouse interest trusts in June, advisers will look for more detailed comment on the inheritance tax treatment of discounted gift trusts. These arrangements enable investors to give away assets but keep the right to an income without creating a gift with reservation.Under the capital transfer tax regime, which […]

Europe outlook: Greek gridlock and Italian banks

By Rob Burnett, Investment Director, Head of European Equities As investors await a resolution of Greece’s repayment difficulties, we anticipate a period of consolidation in the European market over the next few weeks. Our base case is that the Greek government and the European Central Bank (ECB) will come to a solution, particularly given the […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com