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Pension system is failing says 70% of Brits

13 November 2009 / by Andy Davies

Britain is failing its pensioners according to a new survey, which has revealed that 70 per cent of the UK population think that the country is not doing enough to help the elderly in their retirement.

In addition, three quarters of the population also believe there should be a substantial increase in the basic state pension.

According to longevity specialists Club Vita – who conducted the survey, more Brits are beginning to understand the impact increased longevity can have on their retirement income.

To cope with the prospect of living longer, 50 per cent of the respondents said they would carry on working after they reach their formal retirement age, either by keeping their current job or by switching careers.

Younger people just starting their careers appear to be the most accepting about the need to work for longer, with 77 per cent of 16-24 year olds saying they would work as long as possible in order to boost their pension – compared to under half of over 55s who said they would do the same.

Commenting, Nick Flint, chief executive of Club Vista, said: "Provided we remain reasonably healthy, greater longevity is obviously a ‘good thing', but it comes at a price.

"The UK population is slowly – very slowly – beginning to understand the link between longevity and retirement funding, at the state and personal level."

According to the survey, 35 per cent of people think that their generation will live eight or more years longer than their parents' generation, however, Mr Flint disagrees.

"It's actually around a five to six-year increase in typical lifespan from one generation to the next – but our increasing longevity will effect profound changes in our attitudes to work and subsequent retirement," he said.

© Fair Investment Company Ltd