Pensions - Articles - Old Mutual comment on Centre for Policy Studies report

 Old Mutual Wealth's Jon Greer, comments on the CPS report which casts doubt on the Government's ability to pay state pension benefits in the future.

 New research shows that on average the state pension currently accounts for a third of all income Britons have in retirement, suggesting that today’s report about state pension funding potentially being at risk is a huge concern. The research was carried out by investment business Old Mutual Wealth amongst 1,500 50 -75 year olds.

 Jon Greer, Pensions Specialist at Old Mutual Wealth comments:

 “Although the state pension is not enough to survive on alone, it does account, on average, for a third of the income people in Britain currently have in retirement. This does not look set to change, with 86% of people approaching retirement (aged 50+) expecting the state pension to form part of their retirement income. Today’s report will be a worry for those people and highlights the need more than ever for people to take control and ensure they are saving enough themselves to fund their retirement years.”