The research from Populus showed that Theresa May, was considered to be the next most trusted leader with 21%, however, the most compelling finding, according to the PMI, is that 41% of respondents didn’t trust any politician to secure their retirement through political reform.
Within different demographic groups, confidence in Jeremy Corbyn was the highest among 18-24-year-olds, with 48% of this group indicating they trusted him the most, while Theresa May was more trusted by the elderly, with 33% of over 65s giving her the most credibility.
This general lack of confidence in the political establishment has been confirmed by statistics from a separate survey of over 250 PMI members which shows that the majority of pension professionals did not think that either David Gauke, MP, Secretary of State for Work & Pensions (57%), or Guy Opperman, MP, Parliamentary Under Secretary of State for Pensions & Financial Inclusion (59%), will remain in post until the end of this Parliament.
Their perception may be explained by the fact that a large majority of pension professionals (64%) think that workplace pensions are a medium to low priority for the UK Government. In light of this, it is perhaps not surprising to see that 72% of people are not aware of the incoming increases to pension contributions under the auto-enrolment scheme.
Whilst the Freedom and Choice reform was received positively by the public at large when it was introduced in April 2015, people are now quite divided about whether it was a good thing, with 29% saying it was good, 31% thinking it was bad, and 21% having no opinion. The thinking among pension professionals is quite in line with this, with 43% saying that Freedom and Choice has gone too far in allowing members too many cash options for DC pension schemes.
The Populus research also highlighted a widespread desire for greater simplification of pensions, with 76% of people saying that the Government needs to do more to make pensions more straightforward. In recent years, pensions have seen several successive reforms, posing a challenge for both laypeople and professionals to stay on top on numerous new and old regulation. The vast majority of pension professionals (73%) meanwhile are keen to see the creation of a standing Pensions Commission to help to depoliticise policy and avoid constant tinkering.
Robert Branagh, President of the Pensions Management Institute, said: “Despite all of the political commentary coming out of the party conferences, it is clear that our political leaders still have some work to do to simplify pensions further and help people understand and engage with their long term retirement provision better.
“As we approach the phasing stages of auto-enrolment, there is clearly still work to be done to educate and inform people what is happening. There is a real danger that Brexit and other major issues facing our political leaders, will result in pensions taking too much of a back seat on the political agenda and with their eye off the ball, all of the good work done to date establishing a new savings culture under this system could be undone.
“It is critical therefore that all parties work together and commit the time required to ensure the future success of the pension system in the U.K.”
• 72% of people unaware of the incoming increases to pension contributions under auto-enrolment
• 77% of pension professionals call for creation of a standing Pensions Commission to depoliticise policy and avoid constant tinkering
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