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Business News

Call for action on pension 'time bomb'

Almost three-quarters of Britons say all three political parties are "missing the point" on pensions, according to a poll for wealth manager Brewin Dolphin. The survey, by ComRes, found that 70 per cent of people agree that none of the political parties have so far done enough to explain their policies on pensions.

A majority (62 per cent) said the next government should use the tax system to encourage people to invest in private pensions. Some 51 per cent thought the next government should cut the amount spent on public sector pensions, where the UK's liabilities are estimated to be £1.071 trillion. Campaigners warn that Britain faces a "pensions time bomb" with private sector employees failing to save enough to fund their retirements.

Final salary pensions, which guarantee a members' income when they finish working, have all but vanished in the UK. Last week insurer Aviva closed its scheme to existing staff.

ComRes interviewed 1,024 British adults by telephone between 16 and 18 April 2010.