Confidence in pensions slumps to new low

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Public confidence in pensions has hit a record low, says the National Association of Pension Funds. Six out of 10 people are not confident that their pension will give them enough money to live on in retirement, compared to a third who think it will.

Meanwhile NAPF's annual confidence poll is negative for the the first time, falling from plus 5 per cent in 2010 to minus 6 per cent. Two years ago it stood at plus 11 per cent. Joanne Segars, the chief executive of the NAPF, said: "It's worrying that from next year millions of people will be auto-enrolled into a savings vehicle they have so little faith in. Politicians have to boost confidence in pensions, or people will opt out."