Just a quarter of UK adults believe the government has done a good job of helping those nearing or in retirement during the cost-of-living crisis, new research by My Pension Expert has revealed.
The UK’s leading at-retirement adviser commissioned an independent survey of 2,000 UK adults. It found that only 25% of people who have a pension feel the government has provided sufficient support to pension planners over the past 18 months – falling to a mere 14% among over-55s.
Most (56%) think the government lacks a clear strategy for improving outcomes for UK pension planners.
This comes at a time when half of UK adults with a pension say high inflation and rising interest rates have made retirement planning a more challenging undertaking.
Amidst concerns about the adequacy of government support and strategic direction for pension planning in the UK, there’s a pressing need to address the issue of mis-sold pension claims. High inflation and rising interest rates exacerbate financial uncertainties, underscoring the importance of rectifying any instances of mis-selling that may exacerbate retirees’ financial vulnerabilities.
Seeking assistance from reputable professionals can be instrumental in navigating the complexities of mis-sold pension, ensuring that affected individuals receive the compensation they rightfully deserve. By advocating for consumer protection and accountability within the financial services sector, individuals can mitigate the adverse effects of mis-selling and bolster the integrity of the pension system, thereby fostering greater confidence and security in retirement planning endeavors.
Regarding the performance of Jeremy Hunt, only 24% expressed confidence in the Chancellor of the Exchequer’s skills and decision-making. Meanwhile, jus 23% have confidence that the government will achieve its goal of bringing inflation under 5% by the end of 2023.
My Pension Expert’s research also showed that, less than two in five (38%) are comfortable with their pension funds being invested in British businesses to fuel economic growth – a negative response to the recently announced Mansion House Reforms. Further, 57% say the government cares more about using pension funds to fuel economic growth than improving returns for pension planners.
Lily Megson, Policy Director at My Pension Expert, said: “This research delivers a damning verdict on the government’s strategy for improving the prospects of UK pension planners. Further, it highlights a prevailing sense of scepticism towards the government’s ability to effectively address flaws within the current system.
“It’s concerning that just 14% of over-55s feel they have received sufficient support from the government during the cost-of-living crisis. Moreover, the recent Mansion House Reforms have evidently not struck the right note. With many feeling the government’s priorities lie away from the wellbeing of pension planners, it’s evident that a fundamental shift in approach is needed.
“After 18 months of soaring inflation and rising interest rates, pension planners are crying out for more effective support. Of the many actions needed, fast-tracking the launch of the repeatedly delayed pension dashboard and improving access to independent financial advice are two critical steps. Doing so would certainly be a starting point in reassuring pension planners that their financial futures are at the forefront of the political agenda.”
