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Public not confident with NPSS choices

Seven out of 10 consumers say they would need advice on whether to stay in or opt out of the Government’s proposed personal accounts regime, says the Pensions Advisory Service.

Its latest survey found that 78 per cent of respondents were generally in favour of the new scheme but 70 per cent would not be confident to make the decision of whether to stay in the scheme or opt out.

An even higher percentage, 79 per cent, said if they did decide to stay in the scheme, they would need advice on how to invest their contributions. Seventy-six per cent said they would need advice on whether they were saving enough.

In relation to who people felt could be trusted most to run the scheme, the Government won a resounding 64 per cent backing, with 36 per cent favouring insurance companies or employers.

Looking at state pension reform, 53 per cent accepted that the state pension age needed to rise while 41 per cent opposed this. Of the latter, 54 per cent preferred to leave the state scheme as it is while 46 per cent said they would prefer to pay in more. The survey questioned 1,346 people.

Chief executive Malcolm McLean says: “It is very significant that the majority of people we surveyed felt they needed some form of advice before committing themselves to personal accounts.”

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