Speculation was rife this week that the UK interest rate may rise, following reports that inflation has increased to 3%. The rise could impact pensions; a topic which has not been far from the public’s attention this month. But who does the public deem most trustworthy when it comes to protecting their pensions?
Populus research commissioned by The Pensions Management Institute (PMI) finds that 26% of the UK public deem Labour leader Jeremy Corbyn as the most trustworthy on pensions. Theresa May is viewed as the second most trust trusted, with 21% backing her to safeguard their retirement.
However, a larger percentage (41%) said they do not think that any politician could be trusted to secure retirement through political reform, suggesting a sense of distrust among the UK public towards politicians more generally.
Previous Populus research has shown that public trust in the government has grown in comparison to previous years, but that there is still much work to be done.
Finding the way to pensions clarity
The evidence suggests that public knowledge of pension news is relatively low.
Almost three quarters (72%) of those surveyed for the PMI, said they do not know about the incoming increases to pension contributions under the auto-enrolment scheme. 76% said the Government needs to do more to make pensions easier to understand.
It ties in with additional Populus research on behalf of Wealth Wizards published earlier in the month, which revealed a lack of knowledge among the UK public about their own pensions. The findings show that over a fifth (22%) are unaware that there have been any change to pension legislation at all in the last 12 months.
The PMI gained valuable insight into public perceptions of pensions, which can be harnessed in the phasing stages of auto-enrolment.
Robert Branagh, president of the Pensions Management Institute, said:
“As we approach the phasing stages of auto-enrolment, there is clearly still work to be done to educate and inform people what is happening.”
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The research was conducted by Populus for the Pensions Management Institute between 18 and 19 September 2017 Surveys were conducted across the country with a nationally representative sample of 2,090 UK adults (18+) and the results have been weighted to the profile of all adults. Populus is a founder member of the British Polling Council and abides by its rules.