The call comes as Aegon publishes a report titled The Second 50 – navigating the multi-stage life. This report’s survey of 1,000 people found that 96% of workers in the UK expect to rely on the state pension to some extent in retirement.
The Second 50 also highlights how the opportunities and challenges of each generation living longer require fresh thinking and action from government, employers, and individuals today. The state pension is a key part of this.
Steven Cameron, Pensions Director at Aegon UK, said: “The simple fact is that people, on average, are living longer than ever before. So for most of us, our later life and retirement will be very different from that of our parents.
“The ongoing uncertainly over the state pension triple lock isn’t helpful for all of us trying to plan our future. We believe retaining some commitment to both price and earnings inflation alongside a minimum guarantee - but looking over a three-year period rather than the highest year-on-year – offers a potential way forward.
“As election manifesto commitments are being formed, we hope politicians across all parties take note of the findings and recommendations in our Second 50 report. We need a focus on a long-term sustainable solution which is fair and which can be relied upon across generations.
“Our report is designed to help people navigate this Second 50 uncharted territory, which will be shaped by work, health, wealth such as pensions and savings, family life and by what we personally want out of later life. But planning that future is made a whole lot easier if we know what money we’ll have, both from our private or workplace pensions and what we’ll be entitled to from the state pension.
“While we’re encouraging individuals to think differently about the Second 50, the UK Government has the responsibility to support and the power to shape people’s later lives. The state pension will remain a major source of income for many people in retirement so decisions on the future of the state pension triple lock as well as increases in the state pension age are too important for political posturing or short-term promises.
“As we live longer, the gift of more time brings great?opportunities – and to enable that,?people?deserve certainty over the future level of the state pension.”
|
