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17 Jun 2013

UK Workers´ Belief In Pension Savings Is Shaken, Survey Finds

Despite the government´s attempts to boost savings for retirement and to reform the UK pension system, the feeling of disillusionment amongst pension savers is growing.

Results from a new survey by insurer MetLife reveal that as many as 12% of British workers over the age of 45 actually regretted they had been saving for retirement, and some 6% said they were not pleased with the investment returns on their savings.

Almost half of those polled said they were happy they decided to save in a pension pot, but many were worried that the contributions they have been making would not be sufficient to allow them to live comfortably. This view was shared by three-quarters of respondents. By contrast, only one in five believed that their pension pot would be as big as they had planned.

Economic conditions over the past few years have played their part in fuelling discontent, but those who are unhappy with the decision they had made should be aware that saving into a pension scheme can bring them tax relief and the additional value of an employer´s contribution. Dominic Grinstead, MetLife UK managing director, commented that long-term saving is undoubtedly the most efficient way to secure income in retirement.

The government has implemented a series of moves that aim to ensure workers are saving, but still needs to work hard to rebuild confidence amongst consumers and to convince them that contributing to a pension pot is worth it, he added.

Copyright © M2 Bespoke 2013

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