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Home arrow Marketing Research News arrow Company News and Announcements January-June 2013 arrow UK State Pension System Found To Be 'Complex' And 'Confusing'
UK State Pension System Found To Be 'Complex' And 'Confusing' PDF Print E-mail
Written by TNS   
18 Feb 2013

Research from TNS-BMRB and The Futures Company for The Department for Work and Pensions (DWP) into State Pension reform has found widespread perceptions that the current State Pension system is 'complex' and 'confusing'.

Typically, participants interviewed for the research had only a vague understanding about how the State Pension was made up, what it was for, how it was calculated, what it was worth and at what age they might receive it. People were very unclear about the value of the current State Pension; estimates ranged from £40-200 per week, typically falling at around £100 per week.


People appeared to be most confident when discussing the purpose of the current State Pension system, which was assumed to be two-fold: firstly, to ensure that no pensioners lived in poverty, and secondly, to reward workers for their tax and National Insurance contributions.
It was acknowledged by participants that the complexity and uncertainty of the current system was certainly one of the barriers to planning for retirement. Indeed, once participants became aware of the typical value of the State Pension, many vowed to start saving to make up the perceived shortfall between this and their expected income.


Confirmation that the Government plans to launch a single-tier state pension, where everyone who qualifies for the full State Pension would receive a standard amount each week, was broadly welcomed by participants.
You can read the full report: A simpler State Pension: A qualitative study to explore one option for State Pension reform or check out other pension related insights below.

Last Updated ( 03 Sep 2013 )
 
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